Constitutional amendment to impose a limit on ad valorem taxes for real property, provide a new method of valuing real property for tax purposes, provide certain exceptions, and eliminate conflicting constitutional provisions

This Nebraska constitutional amendment (LR 12CA) would limit property taxes on real estate to a maximum of 1.5% of a property's full cash value starting in 2027. It directly affects all Nebraska property owners, particularly homeowners, by capping annual tax rates on real property. Key provisions include allowing higher taxes for specific voter-approved bonds (e.g., school construction with 55% voter approval) but requiring strict accountability measures like annual audits for those projects. The amendment also updates tax valuation methods for agricultural land, motor vehicles, and other property classes while eliminating conflicting existing constitutional language.