NE LR255

Interim study to examine fiscal, constitutional, and administrative implications of LR12CA (as amended by AM1101), which would cap annual property tax increases at the lesser of 3% or the Consumer Price Index for All Urban Consumers

Would replace Nebraska's current uniform and proportional property tax clause with a system establishing taxable value based on 2025 assessed value or purchase price upon ownership change, with adjustments for sales and new construction

Study to analyze impacts on taxpayer equity among similarly situated properties with different ownership timelines, revenue predictability for schools and local governments, and effects on housing affordability for first-time buyers and fixed-income homeowners

Requires comparative evaluation of similar models in other states including California's Proposition 13, Florida's Save Our Homes amendment, and Oklahoma's property tax limitations

Revenue Committee designated to conduct the study with input from assessors, local governments, school districts, taxpayer advocates, Department of Revenue, and legal/economic experts, with findings reported to the Legislative Council or Legislature