By Scout Nelson
The Nebraska Farm Bureau (NEFB) has officially expressed its support for Governor Jim Pillen’s biennial budget proposal, labeled LB264, which primarily aims to provide substantial property tax relief. This endorsement was voiced by NEFB President Mark McHargue during his testimony before the Appropriations Committee.
Introduced by Speaker John Arch, LB264 seeks to tackle the state’s $432 million budget shortfall while significantly boosting support for property tax reduction. The budget outlines a strategic allocation of $302 million for fiscal year 2025-26 and $370 million for 2026-27 towards property tax relief through various programs such as the Property Tax Credit Fund, the School District Tax Credit Fund, and the Homestead Exemption Program.
In his testimony, McHargue praised the efforts of Speaker Arch and Governor Pillen for crafting a budget that not only addresses financial challenges but also prioritizes easing the property tax burden, which escalates by nearly $300 million annually in Nebraska.
McHargue also highlighted that the budget plan includes moderate spending cuts, averaging 0.5% per annum over the next two years, while ensuring that the state’s cash reserves remain robust. He acknowledged the necessity for some trade-offs and expressed NEFB’s readiness to collaborate closely with legislators to balance budgetary adjustments with the needs of the agricultural community.
Although NEFB has not given its full endorsement, the willingness to engage with lawmakers to prioritize property tax relief was clear. McHargue’s closing remarks emphasized NEFB’s commitment to be actively involved in discussions to shape a budget that effectively supports Nebraska’s farmers and ranchers by reducing the property tax load.
This strong advocacy by NEFB underscores its ongoing commitment to supporting Nebraska’s agricultural community in coping with the challenges posed by rising property taxes. The Bureau’s engagement in legislative discussions aims to secure a favorable outcome that will sustain the progress made in recent years in property tax management.
Photo Credits:nebraska-farm-bureau
Categories: Nebraska, Government & Policy