Nebraska to Place Property Tax Exemption for Home Improvements on November Ballot

On the General Election Ballot in November, there may be a proposed constitutional amendment which would allow the state legislature to provide that the increased value of real property resulting from the construction of improvements for the purpose of renovating, rehabilitating, remodeling, improving, or increasing the size of a homeowner’s residence be, in whole or in part, exempt from taxation for a period of six years.

Obviously, this would be a huge boon for the remodeling industry, however it’s impact on municipal tax revenues remains a question. To the extent that it encourages property owners who would not otherwise have done so to improve their homes, there should be no adverse affect on the municipal budgets.

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