LINCOLN, Neb. (AP) — As local governmental units prepare to vote on budgets and set property tax rates for next year, Lincoln officials are struggling with what to do about a property tax windfall.
The Lincoln Journal Star reports that Lincoln City Council passed a resolution in March defining windfall as the increased property tax revenue resulting from the higher residential property valuations.
Lincoln has seen a nearly 9 percent valuation increase from last year due to rising home prices and the county assessor's decision to reassess residences across the area one year ahead of schedule.
Some City Council candidates promised this spring to shield property tax payers from the windfall.
The Lincoln Independent Business Association PAC says local elected officials should reduce tax rates and not tap into the windfall.
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