Updates Made to Nebraska Homestead Exemption Information Guide

By Joshua A. Diveley.

The Nebraska Department of Revenue (NDOR) has updated its information guide regarding the Nebraska property tax homestead exemption. The homestead exemption provides property tax relief to certain homeowners by exempting from tax all or a portion of the taxable value of the taxpayer’s residence. The homestead exemption is available to persons over the age of 65, qualified disabled individuals and qualified disabled veterans and their widow(er)s. Specifically, revisions were made in the disabled veterans category to remove the requirement, effective for periods prior to January 1, 2015, that a veteran had to serve during a recognized war of the United States to be an eligible disabled veteran. Effective January 1, 2015, military service during peace is sufficient to qualify as a disabled veteran.

The homestead exemption form must be filed with the county assessor by June 30, 2015.

The updated homestead exemption information guide may be viewed on the NDOR’s website at: http://www.revenue.nebraska.gov/info/96-299.pdf. Release, Nebraska Department of Revenue, February 9, 2015

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Nebraska Legislature Expands Homestead Exemption Eligibility

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.

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