Property tax credit provides small relief for average homeowner ...

Even in tough budget years, Gov. Dave Heineman and the NebraskaLegislature were able to continue property tax relief for thisfiscal year and next.

The tax credit that will be distributed statewide for 2011 is$115 million. For individual property owners, that works out to be$75.31 per $100,000 valuation, the state Department of Revenueannounced Tuesday.

It will be shown on tax statements as a credit after the fulltax is levied. it is not a reduction in the levy or tax rate, thedepartment said.

It was being certified Tuesday to the state treasurer andcounties.

Lancaster County, with 12 percent of the state?s real propertyvalue, is eligible for $13.9 million.?

Douglas County, with 23.5 percent of the state?s real propertyvalue, is eligible for $27.1 million.

The average home price for the Lincoln metro area, whichincludes Lancaster and Seward counties, is $131,000. the averagetax credit paid on that amount would be $98.66. Divided into amonthly amount, that?s?$8.22, or the equivalent of a little morethan two gallons of gas.

While most Nebraskans favor property tax relief, some havecriticized this program as a spending program rather than a taxcut, and they?ve?questioned whether it is sustainable and equitablefor all taxpayers.

Reach JoAnne Young at 402-473-7228 or ? You can follow JoAnne?s tweets attwitter.com/ljslegislature.

Source: http://www.dailyrosetta.com/property-tax-credit-provides-small-relief-for-average-homeowner/34260.html

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