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Recently elected Douglas County Assessor Walt Peffer told me a few months ago on NewsRadio 1110 KFAB he understands why area property owners are upset about massive valuation increases, and he said he was working on proposals to help. This morning, he joined me on the radio for an update -- CLICK HERE to listen to our conversation, which included these thoughts he emailed me this week:
My first method is to cap valuations at 3%-4%, however this method would require the Legislature to pass a Constitutional Amendment to be placed on the ballot for voter approval. Down side the Legislature does not go back in session until January 2024 with a possible vote by the public in November 2024 with an effective date of 2025.
My favorite method which only requires legislative action would be if valuations increase by 5% the taxing entities would have to lower their mill levy accordingly adjusted for the regional cost of living index. This method eliminate taxing entities from taking a windfall due to valuations and require them to be honest in their budgeting process.
The other method would additionally only require legislative action, lower the 92%-100% of market value to 70%-80% of market value.
Finally, I have a passion to find a way for our veterans and senior citizens to not be taxed out of their homes and remain in Nebraska. Once 65 years is reached, resided in the home for 10 years, a house value $500,000 or less, the school portion of the tax bill would fall off (56% of your tax bill), once 70 years is reached, the remainder of the tax bill would fall off.
The suggestions have been emailed to the Governor Policy Director, Nebraska League of Municipalities, NACO and to the Omaha Senators on the Governor Committee to study the valuation issue.
Take care,
Walt Peffer