Possible Norfolk, NE property tax exemptions - KTIV News 4 Sioux City IA: News, Weather and Sports

Possible Norfolk, NE property tax exemptions

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The issue of property tax exemptions is slated to be a topic of discussion at this week's meeting of the Madison county Nebraska Board of Equalization.  Included in the discussion is likely an application from the City of Norfolk to exempt the property taxes of their newly purchased administration building.  The city of Norfolk purchased a building from hotel chain Supertel Hospitality in 2011 to replace their current outdated facility at the Norfolk City Auditorium.  To help facilitate the $1.9 million purchase, they used a lease-purchase agreement through a public facilities corporation.  State officials say since the purchase was not made by the city directly, it is subject to nearly $24,000 in property taxes.  City officials are arguing that and say there are a number of examples across the State that made purchases the same way and remain tax-exempt.  Last week city leaders filed an application with county officials to seek exemption on the taxes.  Tuesday, the Madison County Board of Equalization will review the application, however, whether or not they will make a decision is not known.  The board will meet Tuesday morning at 9 am.  A similar bill currently moving through the Nebraska Legislature, LB902, was introduced by Omaha Senator Burke Harr earlier this month.  It would change state law on tax exemptions for non-profit corporations and help develop public buildings.  If passed, the bill would mean Norfolk would be exempt from paying property taxes on their new building.  Norfolk City leaders are watching this bill very closely.  It has not made it out of committee yet. 

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