3% Cap on Yearly Property Valuations

3% Reduction in Property Tax Petition
Object Statement: The object of this petition is a constitutional amendment that limits the annual growth of property tax bills for individual parcels to the lesser of the total state’s general fund receipts or three percent. The amendment aims to provide property owners of Nebraska with predictability and protection against excessive tax increases from year to year.
- (d) Allowable growth percentage means the greater of zero percent or the lesser of:
- (i) Three percent; or
- (ii) The annual percentage change in Nebraska's total state general fund receipts for the period ending on December 31st of the preceding year.
- (e) Property valuation means the assessed value of the real property for 2025, except that a property’s value shall be adjusted when purchased, when newly constructed, or when a change of ownership has occurred after the 2025 assessment.