The Nebraska legislature recently passed a bill which will allow more Nebraska homeowners to use the homestead exemption for real property taxes. The Nebraska homestead exemption phases out as a taxpayer’s income increases. Under prior law, only taxpayers with household income under $28,501 (if married) or $24,201 (if single) could take advantage of the homestead exemption. Under the new law, these limits increase to $46,901 and $39,501, indexed for inflation.
The new law also provides a special rule for homeowners with developmental disabilities. Under prior law, homeowners with certain physical disabilities could take advantage of the homestead exemption at higher income levels. The new law applies the same rule to taxpayers with developmental disabilities. This expansion may be useful for families planning for adults with special needs.
© 2014 Parsonage Vandenack Williams LLC
For more information, Contact Us