Section 350-45-003 - EXTENT OF HOMESTEAD EXEMPTION003.01 A homestead exemption may be granted not to exceed the exempt amount determined for the county, except for those homes owned and occupied by a qualified veteran or his or her unremarried surviving spouse substantially contributed to by the U.S. Department of Veterans Affairs as defined under REG-45-002.17C, as adjusted by the following provisions.003.01A The percentage of the exempt amount allowed for a homestead exemption, after any reductions required because of the maximum value of the homestead, will be determined based on the amount of household income. The Tax Commissioner will publish tables showing the percentage of the exempt amount allowed for each level of income. The Tax Commissioner will annually adjust the income amounts for inflation according to the method described in IRC § 151.003.01B The exempt amount allowed for a homestead exemption will be reduced when the assessed value of the homestead exceeds the maximum value. The exempt amount will be reduced by 10% for each $2,500 of assessed value of the homestead above the maximum value. Any homestead valued $20,000 or more above the maximum value is not eligible for any homestead exemption.003.02 The county assessor will determine and certify to the Nebraska Department of Revenue (Department) the average assessed value of a single-family residential property in the county no later than September 1 each year. The county assessor will also report to the Department the computed exempt amount per Neb. Rev. Stat. § 77-3501.01.350 Neb. Admin. Code, ch. 45, § 003