During his stop in Scottsbluff Wednesday, Governor Pete Ricketts explained in detail how his proposed property tax relief credit will work.
Ricketts explains there will be separate tax credits for agriculture and homeowners.
He says it will start out as a ten percent tax credit for the property taxes Nebraska residents pay. For ag producers that will mean if you pay $6,000 in property taxes, you will get a $600 tax credit on your income taxes. For homeowners the same thing would occur, although it would be capped at $230, which would concentrate the relief up to the average $150,000 value of a Nebraska home.
Ricketts added that if Nebraska revenues turn around and begin growing, and are at a percentage for example of $1% over the certified forecast, the tax credit would increase to 12%. Ricketts believes by continuing to do that the state will provide over $4 billion of property tax relief to ag producers and homeowners over the next ten years.