Homestead Exemption for Senior Citizens

State

Nebraska

Year

2007

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, depending on income. The maximum exemption is $40,000 if it is greater than the lesser of the actual value or 100% of the average single family residential property in the particular county. The percent of exemption is determined by 6 brackets with relief equal to 100% exemption of value for those with income below $27,201 (married) or $23,201 (single). The top bracket exempts 25% of value for those with income of $33,101 but less than $34,501 (married) and $28,101 but less than $29,301 (single). All income requirements are adjusted annually.

How is Benefit Disbursed

Exemption from assessed value

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible for this relief.

Eligibility Criteria

Age

Homeowner

Income Ceiling

Principal Residence

Property Value Limit

Description of Eligibility Criteria

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. Eligible claimants must be 65 years old or older, and own and reside in the homestead between January 1 and August 15. Income cannot exceed $34,501 (married) and $29,301(single).

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_RR07

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) plus and Nebraska adjustments including railroad or retirement benefits to the extent excluded from in the computation of the agi. 2006 Neb. LB 963 changed the definition, effective 1 January 2007, of maximum value from 150% of the average assessed value of single-residences in a claimant's county of residence to 200% of the average assessed value. Additionally, one of the exempt amount criteria was changed from 80% of the averaged assessed value of single-family residences in the claimant's county of residence to 100%.

Sources

Neb. Rev. Stat. § 77-3501 ~ § 77-3507 (in effect for 2007); Neb. Rev. Stat. § 77-3510 ~ § 77-3524 (in effect for 2007)

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