Why Nebraska Needs Property Tax Reform
Property tax reform remains a key priority for Nebraskans and me. We have made great strides in reducing property taxes since I came into office, but more work remains to be done.
Here’s why I feel so strongly about fixing our broken system:
1. Nebraska has an excessively high property tax burden. Nebraska’s property taxes are the 7th highest in the nation, which places an unsustainable burden on our residents. Property tax collections have escalated rapidly over the past few decades, and are projected to reach $1 million per day, or $6 billion annually, if we don’t make changes.
2. Our high property tax rates make Nebraska less economically competitive than our neighbors. Reducing property taxes is essential to attracting new residents, retaining current ones, and encouraging business development – all of which will foster stronger economic growth for Nebraska.
3. High property taxes impact Nebraskans in all age groups, including young people, seniors, homeowners, renters, farmers, and business owners. In fact, our ever-increasing property taxes are chasing seniors out of their homes and killing the dream of home ownership for young people.
4. The rapid increase in property valuations is a driving factor behind soaring tax bills. This out of whack system contributes to higher costs for goods, services and rent, and affects our entire economy.
5. High property taxes discourage people from living in Nebraska and encourage younger people to relocate to other states, harming our population and economic growth. We can’t afford to turn a blind eye to the impact of people who will leave or who won’t move here in the first place.
6. Property tax reform is a way to ensure sustainable education funding while reducing our reliance on local property taxes. By shifting some funding responsibilities to the state, we can reduce pressure on taxpayers while maintaining essential services and keep our kids in Nebraska.
7. Property tax reform is not just a fiscal issue but a critical step to secure Nebraska’s economic vitality, demographic stability, and quality of life for the future.
