2006 Nebraska Revised Statutes - § 77-3523 — Homestead; exemption; county treasurer; certify tax revenue lost within county; reimbursed; manner; distribution.

Section 77-3523
Homestead; exemption; county treasurer; certify tax revenue lost within county; reimbursed; manner; distribution.

The county treasurer shall, on or before November 30 of each year, certify to the Tax Commissioner the total tax revenue that will be lost to all taxing agencies within his or her county from taxes levied and assessed in that year because of exemptions allowed under Chapter 77, article 35, multiplied by the aggregate assessment sales ratio calculated by the Property Tax Administrator for all single-family residential real property in the county for the current year after adjustments by the Tax Equalization and Review Commission, except that any assessment sales ratio greater than 100 or any assessment sales ratio that complies with the standards of equalization as determined by the commission shall be deemed to be 100 for such purpose. The county treasurer may amend the certification to show any change or correction in the total tax that will be lost until May 30 of the next succeeding year. If a homestead exemption is approved, denied, or corrected by the Tax Commissioner under subsection (2) of section 77-3517 after May 1 of the next year, the county treasurer shall prepare and submit amended reports to the Tax Commissioner and the political subdivisions covering any affected year and shall adjust the reimbursement to the county and the other political subdivisions by adjusting the reimbursement due under this section in later years. The Tax Commissioner shall, on or before January 1 next following such certification or within thirty days of any amendment to the certification, notify the Director of Administrative Services of the amount so certified to be reimbursed by the state. Reimbursement of the funds lost shall be made to each county according to the certification and shall be distributed in six as nearly as possible equal monthly payments on the last business day of each month beginning in January. The State Treasurer shall, on the business day preceding the last business day of each month, notify the Director of Administrative Services of the amount of funds available in the General Fund for payment purposes. The Director of Administrative Services shall, on the last business day of each month, draw warrants against funds appropriated. Out of the amount so received the county treasurer shall distribute to each of the taxing agencies within his or her county the full amount so lost by such agency, multiplied by the aggregate assessment sales ratio calculated by the Property Tax Administrator for all single-family residential real property in the county for the current year after adjustments by the commission, except that any assessment sales ratio greater than 100 or any assessment sales ratio that complies with the standards of equalization as determined by the commission shall be deemed to be 100 for such purpose, except that one percent of such amount shall be deposited in the county general fund and that the amount due a Class V school district shall be paid to the district and the county shall be compensated pursuant to section 14-554. Each taxing agency shall, in preparing its annual or biennial budget, take into account the amount to be received under this section.

Source:

Laws 1979, LB 65, § 23

Laws 1983, LB 494, § 7

Laws 1986, LB 1258, § 10

Laws 1987, LB 376A, § 16

Laws 1994, LB 902, § 42

Laws 1995, LB 499, § 3

Laws 1996, LB 1040, § 5

Laws 1997, LB 397, § 32

Laws 2000, LB 1116, § 17

~Reissue Revised Statutes of Nebraska