Adopt the Long-Term Owner Homestead Exemption Act

This bill creates a new tax exemption for homeowners in Nebraska who have owned and lived in their primary residence for at least forty years. Under the act, these long-term owners would have their property valued at zero for local tax purposes, but they would no longer be eligible for other existing homestead exemptions. The state would reimburse counties for the lost tax revenue, distributing the funds to local governments to offset the reduction in income. Homeowners must apply for this benefit and would only need to reapply every five years, provided they continue to meet the ownership and residency requirements.