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LB 242

Change the Property Tax Growth Limitation Act and the School District Property Tax Relief Act and change provisions relating to budget limitations, municipal occupation taxes, and property tax statements

109th Legislature (2025-2026) Introduced by Merv Riepe

Bill 8 SummaryBill Number: LB 242Title: Change the Property Tax Growth Limitation Act and the School District Property Tax Relief Act and change provisions relating to budget limit

Title printed. Carryover bill
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Bill Summary · LB 242

Bill 8 Summary

Bill Number: LB 242
Title: Change the Property Tax Growth Limitation Act and the School District Property Tax Relief Act and change provisions relating to budget limitations, municipal occupation taxes, and property tax statements
Status: Provisions/portions of LB242 amended into LB647 by AM1202
Introduced: January 14, 2025
Classification: bill

Key Points:
- Amends the Property Tax Growth Limitation Act (PTGLA) passed in 2024 to:
- Subject municipalities and counties to the PTGLA property tax caps instead of the "lid on restricted funds"
- Clarify the formula for determining property tax request authority
- Provide exceptions to the cap for certain public safety and grant funding
- Allow special elections to override the cap
- Eliminates restrictions on municipal occupation tax revenue
- Requires property tax statements to indicate taxes for "public safety services"

Compiled from official sources — confirm details with the bill’s official record.

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