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Printable Form 843 Omaha Nebraska: What You Should Know

The bill went to Gov. Dave Hangman last night and was signed a little after midnight. The omnibus bill provides a refundable credit for property taxes paid for school districts in Nebraska. As amended by Senate Bill 843, an individual may claim a credit of up to the amount of property taxes paid, up to a maximum of 10,000 in 2017. The credit is allowed against a first 10,000 of property taxes paid for the county, city or school district prior to Dec. 31, 2017. The credit is also available in 2018. Nebraska has the second lowest property tax payments in the nation, according to the American Legislative Exchange Council (ALEC). New Tax on Mortgage Interest In 2016, homeowners paid the first half of the 22.9 billion state budget deficit thanks to an additional 1.6 percent tax (6 percent sales tax, 0.3 percent hotel tax and 0.05 percent other). There is now an additional tax. This is the Homeowner's Insurance Tax (HIT). It is a 6.25 percent tax on the total value of all property (home, property depository, boat, RVs, personal property, etc.) on your primary residence for property insured by homeowners' insurance. The state constitution gives the state legislature the right to enact taxes and fees, but not tax and fee increases. There are exceptions in which the Legislature, acting together with local taxing authorities, may add certain taxes within or without the consent of the people. The HIT applies only to “total interest on, or in connection with, real estate.” All homeowners insurance policies do not meet the new standard. However, homeowners with a secondary residence will no longer be subject to the hit. A homeowner cannot qualify if they are a sole proprietor, partner or have an owner who has an interest in the primary residence. HIT has no sunset provision. There are exemptions. There are no caps to the total amount a homeowner can claim, and the amount received will be taxed as if the home were vacant. If you have any doubts about homeowner's insurance, the new state law makes it easier to comply by creating a “no hit” zone for residential policies. HIT will increase insurance rates for first-time homeowners with additional liabilities such as uninsured property damage.

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