Tax & Accounting Blog

Nebraska To Offset A Portion Of Real Property Tax Levied in 2012

Indirect Tax, ONESOURCE, ONESOURCE Property Tax November 2, 2012


Pursuant to the Property Tax Credit Act, Nebraska will offset a portion of real property taxes levied in 2012. The credit is based upon the valuation of each parcel of real property compared to the valuation of all real property in the state. The total amount of credit available for statewide distribution in 2012 is $115 million. The rate of credit for each real property parcel is calculated by determining the state-wide uniform rate of credit as determined by taking the $115 million credit divided by the state’s total real property value eligible for credit.