The Platte Institute for Economic Research in Nebraska recently conducted a survey from residents on property tax reform. Communications Director Adam Weinberg says what they found is Nebraskans are very concerned about property tax. Nebraska has the sixth highest growth in housing prices over the past ten years and the seventh highest property tax rate among states. People are feeling that burden but what are they willing to do about it.
The Platte Institute’s “Get Real About Property Tax” report shows that 61% of the people that participated said they would be potentially willing to pay some other taxes to see lower property taxes but they would want something significantly done. People want to see a 20% to 30% reduction in property taxes and that amounts to about $1 billion a year. Weinberg says the only way that can be done is if the state takes a hard look at their tax structure.
Weinberg says, “People are open to a general idea that maybe we could look at our sales tax base as a way to do it. There are a lot of good researchers, from the Tax Foundation and others who say this is the way to go. I think that the deal that is going to have to happen is that the public is going to have confidence that this is for property tax reform because if it just seems like another tax, people are going to get nervous about that.”
The full report can be seen at platteinstitute.org.