Nebraska Revised Statutes Chapter 77. Revenue and Taxation § 77-3506.03. Exempt amount; reduction; when; continued eligibility for exemption; when

(2)(a) For homesteads valued at or above the maximum value, the exempt amount shall not be reduced and the homestead shall remain eligible for an exemption under section 77-3507 or 77-3508 for the current year if the homestead:

(b) If a homestead remains eligible for an exemption under subdivision (a) of this subsection for any year, the homestead shall continue to be eligible for each year thereafter unless the homestead is not eligible for such exemption for any reason other than as provided in subsection (1) of this section.

(c) The percentage of the exempt amount for a homestead for any year such homestead is valued at or above the maximum value and remains eligible for exemption under this subsection shall be equal to the percentage of the exempt amount for the homestead in the last year the homestead received an exemption under section 77-3507 or 77-3508 and was valued below the maximum value.

(d) If the homestead's increase in value from the previous year to a value at or above the maximum value is due to improvements to the homestead, this subsection shall not apply to such homestead.