TAXTEMBER - PROPERTY TAX RELIEF FOR NEBRASKANS

TAXTEMBER - PROPERTY TAX RELIEF FOR NEBRASKANS

September 28, 2021

For Taxtember, we want to demonstrate a way for older Nebraskans to save money on Property Taxes.  This is for Nebraska residents who are at least 65 years, or disabled, or are veterans may qualify for the Nebraska Homestead Exemption.  This exemption can help those who are struggling with high property taxes and help them keep more cash in their pockets.  It can also help you take advantage of timing your income.  If you know that your income may be lower in the years prior to Social Security benefits and RMD’s, this may be an option for you.

So what is the Nebraska Homestead Exemption?  This exemption excludes all or a portion of the value of a person’s home and up to one acre of land that home is built on from property taxes.  In order to be eligible, you must own and occupy the home from January 1st to August 15th, be over 65 years of age, and have a household income of less than $43,801 for a single household and less than $52,001 for a married household.  The table above shows the percentage of relief you can receive based on your income.  (Persons under age 65 with disabilities and disabled veterans may also be eligible for the exemption, but different guidelines apply).  Your home cannot be to highly valued, so contact your county assessor to see the maximum assessed home value for your county.

This exemption also takes into consideration your medical expenses.  If your medical expenses are greater than four percent of your household income, you can deduct those from your income to qualify for the exemption.  Such items may include the cost of health insurance premiums (including Medicare Part B premiums), the costs of goods and services from a licensed health practitioner or facility, or prescription drugs. 

To apply, file your application with the county assessor between February 1st and before June 30th each year. 

For more information, visit https://revenue.nebraska.gov/PAD/homestead-exemption