LINCOLN, NEB. – Nebraska Farm Bureau is reminding Nebraskans to claim their property tax relief through the state’s refundable income tax credit. The refundable income tax credit is considered property tax relief as the credit is based on property taxes paid to K-12 schools and community colleges. Nebraskans who paid property taxes on real property in 2022 are eligible to claim a credit equal to 30 percent of the property taxes paid to both K-12 schools and community colleges when they file Nebraska income taxes.
“Nebraska Farm Bureau was a strong advocate for the legislation that created the refundable credit for property taxes paid to K-12 schools. We were equally strong proponents for the legislation that passed last year establishing a similar credit for property taxes paid to community colleges,” said Mark McHargue, Nebraska Farm Bureau president. “Farm Bureau is working to provide tax relief and we don’t want Nebraskans to miss out on claiming their refund, particularly when it’s worth nearly a third of the taxes they paid to schools and community colleges. Nebraska property taxpayers could see thousands of dollars in tax relief.”
To claim the credit, Nebraskans need to include Form PTC 2022 when they file their income taxes, which can be found on the Nebraska Department of Revenue website. Those who haven’t claimed the credit for property taxes paid to K-12 schools in 2020 or 2021 can still do so using the PTCX Forms. Nebraska Farm Bureau has made it easy by setting up webpage with a step-by-step video to help Nebraskans fill out the correct forms to claim the refundable income tax credit. The page can be accessed by visiting www.nefb.org/taxcredit. Nebraska Farm Bureau recommends seeking guidance from a tax professional or the Nebraska Department of Revenue for specific questions on the tax credit. More background on the credit can be found on their website.
Nebraskans can also help protect the property tax relief provided by the state by encouraging their peers serving on local government and school boards to hold the line on spending, particularly in areas where property valuations have climbed significantly, creating a windfall that allows those entities to collect more property taxes.
“Controlling spending at the local level is key to reducing property taxes and preventing erosion of the property tax relief the Legislature has provided through the tax credit for property taxes,” said McHargue. “We look forward to continuing to work with Governor Jim Pillen, the Legislature, and local elected leaders to provide property tax relief for Nebraskans.”