Homestead Exemption for Senior Citizens (Circuit Breaker)

State

Nebraska

Year

2019

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. For the 2019 benefit (based on 2018 income), those with income below $34,401 (married) and $29.301 (single) are entitled to a 100% exemption of the "maximum exempt amount." The top income bracket exempts 10% of the maximum exempt amount for those with income of $49,301 but less than $51,101 (married) and $41,501 but less than $43,101(single). 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.

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 exempt 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. If the assessed value exceeds the maximum value by $20,000 or more, the homestead is not eligible for exemption.

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_RR19

Footnotes

Effective 1 January 2019 the following changes to the program take effect: (1) annual adjustments to income eligibility requirements will be calculated by using the change in the consumer price index. (2) Initial application for the benefit and certification of continuing eligibility require the same application procedures. (3) If the applicant moves within the state, he/she must file to transfer the homestead exemption by 15 August of the year the benefit is sought, or within 30 days of receiving a rejection for the benefit on the original property. 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. Applications are to be filed after February 1 and by July 1, 2019.

Sources

Neb. Rev. Stat. § 77-3501 ~ § 77-3507;
Neb. Rev. Stat. § 77-3510 ~ § 77-3524 (in effect for 2019)
Nebraska Department of Revenue, Homestead Exemption Information Guide (Feb 2019) [http://www.revenue.nebraska.gov/info/96-299.pdf Accessed on 02/07/2019] View Archived Source


2018 Neb Laws p. 1 ~ 8 (LB 1089)

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