Homestead Exemption Maximum Value

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Section 77-3505.02   Maximum value, defined.  Maximum value shall mean:

(1) For applicants eligible under section 77-3507, two hundred percent of the average assessed value of single-family residential property in the claimant's county of residence as determined in section 77-3506.02 or ninety-five thousand dollars, whichever is greater; and

(2) For applicants eligible under sections 77-3508 and 77-3509, two hundred twenty-five percent of the average assessed value of single-family residential property in the claimant's county of residence as determined in section 77-3506.02 or one hundred ten thousand dollars, whichever is greater.

Source: Laws 1994, LB 902, § 29, Laws 1995, LB 483, § 3, Laws 1996, LB 1039, § 4,
Laws 1997, LB 182, § 3, Laws 2006, LB 968, § 14.

Section 77-3506.03  Exempt amount; reduction; when; homestead exemption; limitation.

For homesteads valued at or above the maximum value, the exempt amount shall be reduced by ten percent for each two thousand five hundred dollars of value by which the homestead exceeds the maximum value and any homestead which exceeds the maximum value by twenty thousand dollars or more is not eligible for any exemption under sections 77-3507 to 77-3509.

Source:  Laws 1995, LB 483, § 1

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Homestead valuation exceeds maximum by:	Exempt amount reduced by:
$           0  -    2,499	0%
2,500  -     4,999	10%
5,000  -    7,499	20%
7,500  -    9,999	30%
10,000  - 12,499	40%
12,500  - 14,999	50%
15,000  - 17,499	60%
17,500  - 19,999	70%
$ 20,000 or more	100% (no exemption allowed)