LINCOLN, Neb. (AP) — Nebraska Gov. Pete Ricketts has approved a new $9.3 billion, two-year state budget that will provide extra money to help lower property tax bills.
Ricketts announced Monday that he has signed the new package into law.
The budget calls for a $51 million annual boost to the state’s property tax credit fund, for a total of $275 million a year, nearly double the amount distributed to taxpayers in 2015. With the extra funding, the owner of a $150,000 will get a $106 discount on their property tax bill.
State spending under the new budget will increase by an average of 2.9 percent per year, which is less than the historic average. It also includes more than $2 billion in state aid for K-12 public education.