Policymakers in Nebraska, Iowa and other agriculture-intensive Midwestern states prioritize property tax cuts, Loughead said. “But real, lasting property tax reform is difficult to accomplish, so these debates can take years to play out.”

The Nebraska Revenue Committee introduced a bill this week that would lessen the property tax burden for taxes levied by school districts. The multi-step plan would reduce the tax evaluation for agricultural property for school district taxing purposes from 75% of its taxable value to 55% over a two-year period. Residential and commercial properties would be taxed from 100% down to 85% over three years.

Nebraska also would use excess state revenue to increase state aid to K-12 education so school districts are less reliant on property taxes. In his budget address this week, Republican Gov. Pete Ricketts recommended putting roughly $500 million over the next three years toward property tax credit relief by controlling local and state spending. Ricketts increased the property tax credit relief fund by more than 20% last year.

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