Nebraska Revised Statute 79-1027.01

Chapter 79 Section 1027.01

79-1027.01.

Property tax requests exceeding maximum levy; reductions; procedure.

If the total levy required for property tax requests for all general fund budgets in a local system exceeds the amount that can be generated by the maximum levy pursuant to subdivision (2)(a) of section 77-3442, the high school district shall be entitled to take the necessary steps to comply with such maximum levy by:

(1) Reducing the property tax request for each district up to the amount by which the district's budgeted general fund cash reserve exceeds fifteen percent of the district's general fund budget of expenditures for the preceding school fiscal year, and for Class I districts, this difference multiplied by the percentage of the Class I district's valuation which is affiliated with or part of the high school district;

(2) If the reductions under subdivision (1) of this section do not reduce the required levy to the maximum levy permitted under subdivision (2)(a) of section 77-3442, reducing the property tax request for each district proportionately based on the amount of the difference between the district's general fund budget of expenditures minus the special education budget of expenditures for the current budget year and a two-year average for the two preceding school fiscal years of the general fund budget of expenditures minus the special education budget of expenditures up to such difference, and for Class I districts, this difference multiplied by the percentage of the Class I district's valuation which is affiliated with or part of the high school district; and

(3) If the reductions under subdivisions (1) and (2) of this section do not reduce the required levy to the maximum levy permitted under subdivision (2)(a) of section 77-3442, reducing the property tax request for each district by an amount proportional to the district's share of the total property tax request for the preceding school fiscal year such that the required local system levy shall be the maximum levy allowed under subdivision (2)(a) of section 77-3442. Class I districts with multiple high school districts which are required to reduce their general fund property tax request pursuant to this section shall make such reduction as necessary to effect the total required from this calculation within each local system requiring the reduction.

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