NE LB1219

Limits annual property tax increases by political subdivisions to an "allowable growth percentage" beginning January 1, 2027

Allowable growth percentage equals 2% plus the political subdivision's "real growth percentage"

Real growth percentage is calculated by dividing the real growth value by the prior year's total property valuation

Real growth value includes increases from new construction, building additions, other property improvements, annexation, changes in property use, and personal property valuation increases

Applies notwithstanding the existing Property Tax Growth Limitation Act and School District Property Tax Limitation Act