On Thursday, Nebraska state lawmakers passed a property tax reform bill LB 873 by a 43 to 0 vote.  The bill will reduce the state’s property taxes by approximately one billion dollars. Nebraska Farm Bureau Federation supports the measure.  Bruce Riekers  is the Vice President of Government Affairs for the Nebraska Farm Bureau.  He says the bill took on many amendments and modifications before it was passed.

Riekers says the bill, following Governor Ricketts signature, will be phased in over five years.  He says it will save landowners and property owners about a 25 percent in savings.

Riekers says the bill also provides for nearly a one-percent savings on income taxes. The Farm Bureau official says opponents to the bill are concerned about budget cuts to public schools and Medicare providers.