Homestead Exemption for Senior Citizens

State

Nebraska

Year

2017

Variations in Receipt of Benefit

Benefit Varies with Income

Benefit Varies with Property Value

Benefit Type

Circuit Breaker

Benefit

The benefit is a full or partial exemption of taxable value of the homestead. The size of the benefit is dependent on income. The percent of exemption is determined by 10 brackets. Those with income below $32,500 (married) and $27,600 (single) are entitled to a 100% exemption of value. The top bracket exempts 10% of value for those with income of $46,401 but less than $48,201 (married) and $39,101 but less than $40,601 (single). The maximum exemption is the greater of: 1) the lesser of the property's taxable value or the county-wide average assessed value of a single family residence 2)$40,000

How is Benefit Disbursed

Exemption from assessed value

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible for this relief. A mobile home is also eligible. Up to one acre of land on which the residence is situated is also eligible for the exemption.

Eligibility Criteria

Age

Homeowner

Income Ceiling

Principal Residence

Property Value Limit

Description of Eligibility Criteria

Eligible claimants must be 65 or older and own and reside in the homestead between January 1 and August 15. Income must be less than $49,101 (married) and $41,401 (single). All income requirements are adjusted annually. The eligible value of the homestead considered for relief will be reduced by 10% for every $2,500 in excess of either $95,000 or 200% of the average assessed value of single family residential property in the particular county, whichever is greater. Homesteads that are $20,000 over the assessed value limit are not eligible for this program.

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No local option regarding program features

State Funding for Local Tax Loss

State reimburses all of the local government tax loss

Description of State Funding for Tax Loss

State reimburses counties and other governmental subdivisions for taxes lost.

Record ID

NE101_RR17

Footnotes

All income requirements are adjusted annually since 2000 for inflation using the Consumer Price Index for all Urban Consumers. Household income means the total federal adjusted gross income (AGI) and Nebraska adjustments including railroad or retirement benefits which are excluded in the computation of the AGI. Forms must be filed with the county assessor. An income statement must be filed with the application. Must be filed between February 1 and June 30.

Sources

Neb. Rev. Stat. § 77-3501 ~ § 77-3507; Neb. Rev. Stat. § 77-3510 ~ § 77-3524 (in effect for 2017)

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