Gov. Pete Ricketts on Thursday vetoed a Nebraska property tax bill that gave taxing authority to a brand new Omaha governmental body called the “Regional Metropolitan Transit Authority.” However, on Friday that veto was overridden by Nebraska lawmakers. Opposing Senator Justin Wayne took to Twitter to weigh in.
Governor Ricketts said, “The bill allows the Omaha Transit Authority to convert itself into a new political subdivision that will have broader taxing authority. LB492 amounts to an incredible $17 million property tax increase for all residents of Omaha and Douglas County because it moves the transit authority’s property tax levy authority outside of the city and county tax lids and authorizes the new authority to double its existing property tax levy amount.”
LB492 aims to assist in defraying the expenses of a regional metropolitan transit authority, and to such extent as in its discretion and judgment may be necessary, the board shall annually certify a tax levy for the fiscal year commencing on the following January 1 of each year. Such levy shall not exceed in any one year ten cents on each one hundred dollars on the taxable value of the taxable property that at the time of the levy is located in or during the ensuing fiscal year will be located in any municipality in which such authority shall be deemed to have operating jurisdiction.
This ultimately looks like it is going to pass through the legislature, and we will await the impact on local property owners in this upcoming tax year. The bill in its entirety can be found here.