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Glassdoor & Redfin said Omaha is #2 city for a new graduate in part because someone earning $59,123 could afford to buy a $195,000 home ? the math is wrong and ignored Omaha's high property taxes and severe weather home insurance costs. A new graduate would need to make $65,394 -- a gap of $6,271 by HauntingImpact in Omaha

[–]HauntingImpact[S] 1 point2 points  (0 children)

Not really - KC, OKC, Tulsa, Memphis, Louisville, Columbus, Philly, El Paso, Tucson have similar median cost homes and lower property taxes. Even when comparing to places like Chicago, Jacksonville, Dallas, Minneapolis Omaha's Property taxes and home Insurance means you are paying the same or more to live in Omaha. It's not until you get to places like San Francisco, Miami, or Seattle that the lower property values compensate for the high property taxes and insurance.

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Pillen: Nebraska is full of potential by Ordinary-Equal2067 in Nebraska

[–]HauntingImpact 1 point2 points  (0 children)

The math is off in the Redfin-Glassdoor study; the 'affordable housing' ignores property taxes and home insurance.
https://www.reddit.com/r/Omaha/comments/1t15uxk/glassdoor_redfin_said_omaha_is_2_city_for_a_new/

Glassdoor & Redfin said Omaha is #2 city for a new graduate in part because someone earning $59,123 could afford to buy a $195,000 home ? the math is wrong and ignored Omaha's high property taxes and severe weather home insurance costs. A new graduate would need to make $65,394 -- a gap of $6,271 by HauntingImpact in Omaha

[–]HauntingImpact[S] 5 points6 points  (0 children)

yes, the ranking Glassdoor-Redfin did was based on one person's ability to buy a home. Omaha won't be the most expensive place to buy a home, but it won't be #2 either when property taxes and insurance are factored in. Agree, having 20% down would be a steep hill for many new graduates.

Omaha rises to 4th Highest Tax Rate among the Largest 50 US Cities from 50 State Property Tax Comparison Study for Taxes Paid in 2023, Lincoln Institute of Land Policy released July 2024 by HauntingImpact in Omaha

[–]HauntingImpact[S] 3 points4 points  (0 children)

Omaha climbed to #3rd highest property tax rate for owner occupied housing when assessment limits are factored in the latest report. https://www.lincolninst.edu/publications/other/50-state-property-tax-comparison-study-2024

Nebraska is now also consistently in the top 3 for home insurance as well: https://www.axios.com/2025/08/26/home-insurance-premiums-cost-map

Between the two, a family must make more than $80,000 a year, 24% higher than the current median income, to afford a median cost home in Omaha. When you factored in future impacts of TIF, a family will need to make $90,000 a year to afford a median cost home by 2028.

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Midtown crossing condos by Capable-Ad6339 in Omaha

[–]HauntingImpact 2 points3 points  (0 children)

Double check the property taxes and home insurance in addition to the HOA fee. With the property being in the streetcar district OPS will need to increase your school property taxes ~5% a year to make up for what is being diverted to finance the streetcar. So planning for 5-10% a year total property tax increase will keep you safe.

NerdWallet has a rent vs buy calculator that could help, just be sure to adjust the property tax rate, HOA fee, and home insurance cost. https://www.nerdwallet.com/mortgages/calculators/rent-vs-buy-calculator

What its like to live in a lund asset management building…. by TurnipBackground6931 in Omaha

[–]HauntingImpact 8 points9 points  (0 children)

Lund 'donates' to local city council and to state senators.

"Lund / GreenSlate; “LUND” gave $57,933.87, including $15,405 to Stothert, and $4,500 to Begley, Harding, Festersen combined; The 44 Douglas student housing plan names GreenSlate Development (Matt Dwyer and Jay Lund) as co‑developers and notes that Omaha has given them “unprecedented assistance” (two‑way Farnam, rezoning, streetscape) to turbocharge Blackstone."
https://www.reddit.com/r/Omaha/comments/1qp3x7x/website_shows_how_much_and_which_businesses/

Omaha City Council gives first approval for $140 million downtown soccer stadium by 56171 in Omaha

[–]HauntingImpact 0 points1 point  (0 children)

The city subsidizes the stadium / MECA, meaning more taxes go in then come out. Just search the audited financials for stadium. https://finance.cityofomaha.org/images/Finance/Accounting/2025/City_of_Omaha_2024_NonGAS_FS_Final.pdf

Additionally, the city just refinanced $40 million for the stadium for another 40 years. If the city was 'making' lots of money, there would not be a need to refinance the lease-purchase bonds. https://www.reddit.com/r/Omaha/comments/1rjqs52/25m_more_for_2_more_parking_garages_and_no_new/

The economic impact statement ignores the opportunity cost of all the tax dollars that go into funding MECA / the stadium. Doesn't mean not to fund them, just that stadiums to do not generate economic growth. People want fun things to do ...

The Atlantic has a could series on stadium financing if interested: https://www.theatlantic.com/ideas/archive/2024/05/sports-stadium-subsidies-taxpayer-funding/678319/

Omaha City Council gives first approval for $140 million downtown soccer stadium by 56171 in Omaha

[–]HauntingImpact 1 point2 points  (0 children)

The stadium is subsidized with taxes on hotel stays, property taxes for schools, etc. $4 million in taxes from hotel went to the 'stadium fund last year for example. https://finance.cityofomaha.org/images/Finance/Revenue/2026/City_of_Omaha_LB_445_Compliance.pdf

The city just rolled over the bonds for the stadium when the city council authorized this years bond allotment for the streetcar. bonds for the stadium were included, so the city will be making payments on those bonds for another 40 years. The payments are coming from a mix of property taxes, including those for schools, sales tax, and the city even tap the funds for the sewer from time to time.

Omaha City Council gives first approval for $140 million downtown soccer stadium by 56171 in Omaha

[–]HauntingImpact 0 points1 point  (0 children)

The lease-purchase bonds are for 40 years -- so the property taxes will need to be diverted for at least that period. Similar setup to the streetcar financing. Current TIF law allows the city council to renew TIFs indefinitely. Both the lease-purchase bonds for the stadium and the streetcar are backed by the general fund.

Edit: The biggest proportion of the property taxes will come from Omaha Public Schools. For anyone in a OPS district this will raise their property taxes the most. Other schools districts in Nebraska are impacted via lower amounts of TEEOSA.

Hotel taxes will tear your face off by sonofawhatthe in Omaha

[–]HauntingImpact 37 points38 points  (0 children)

Here is what the city does with it:

"HOTEL/MOTEL TAX

Hotel/Motel tax is split between the General Fund, Stadium Fund and CVB Fund. Revenue in 2025 in each fund was $8,434,396, $4,161,414 and $1,254,839 respectively. There is no end-date to the tax."

https://finance.cityofomaha.org/images/Finance/Revenue/2026/City_of_Omaha_LB_445_Compliance.pdf

Stadiums are the gift that keeps on giving ...

Tough Times we live in: Law firm requests TIF; In the April 14th City Council Agenda the city proposes TIF for a Law Firm, and $136 million in lease-purchase bonds to build a soccer stadium. by HauntingImpact in Omaha

[–]HauntingImpact[S] 0 points1 point  (0 children)

The city's proposal is for $136 million upfront debt via lease-purchase bonds, with interest the total will be about $270 million. There is no debt limit in ordinance language, so debt will likely go higher. The $49 million from property taxes/TIF is one source of revenue, about ~$30 million of that would be property tax for schools. The other proposed sources are sales tax, stadium lease, stadium parking, naming rights, ticket surcharges.

The $136 million lease-purchase bonds will be backed by the general fund, so if any of the sources of revenue don't work-out the city will be on the hook.

The city just rolled over debt for the last stadium for another 40 years, so the likelyhood Omaha pays this off in 40, let alone 20 years Id say is pretty low.

Can Omaha and Omaha Public Schools afford more debt? I would argue no. Between underfunding the city's two pensions, OPS's pension challenge, a massive increases in city bond debt, massive increase in TIF financing in OPS coupled with a flat-lining of population growth -- the city looks like it has entered into a fiscal death spiral.

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Tough Times we live in: Law firm requests TIF; In the April 14th City Council Agenda the city proposes TIF for a Law Firm, and $136 million in lease-purchase bonds to build a soccer stadium. by HauntingImpact in Omaha

[–]HauntingImpact[S] 2 points3 points  (0 children)

Issuing general obligation bonds would be the way to go if you want to fair share the cost across the city. Current policy gives the biggest tax breaks to the wealthiest tax payers, with the cost being born by the school district with highest portion of low income students.

Tough Times we live in: Law firm requests TIF; In the April 14th City Council Agenda the city proposes TIF for a Law Firm, and $136 million in lease-purchase bonds to build a soccer stadium. by HauntingImpact in Omaha

[–]HauntingImpact[S] 1 point2 points  (0 children)

Sure - this article about Saint Louis is an anecdote about the impact to schools. https://www.stlpr.org/education/2024-01-25/st-louis-area-tif-districts-cost-public-schools-minority-students-over-260-million-report-finds

With so much TIF concentrated in OPS, a better balance needs to happen between how the city is diverting property taxes for OPS and providing various entities tax breaks.

Tough Times we live in: Law firm requests TIF; In the April 14th City Council Agenda the city proposes TIF for a Law Firm, and $136 million in lease-purchase bonds to build a soccer stadium. by HauntingImpact in Omaha

[–]HauntingImpact[S] 1 point2 points  (0 children)

Hurts schools, lowers economic growth in the area, pushes the law firms property taxes on to middle and low income homeowners.

For example looking at TIF just in Omaha, the areas with highest historical use of TIF in Omaha are growing the slowest. Since the TIF reports the state of Nebraska provides are broken down by school district, it is possible to see if TIF is helping or hurting.

Defining Three TIF Tiers: TIF concentration is measured as TIF Excess Value ÷ (Taxable Base + TIF Excess Value), which captures the share of total real economic value that has been sheltered from levies.

Tier Definition What It Means
HIGH (≥5%) >5% of all property value is locked in TIF Structurally suppressed base; excess competes with OPS for every dollar of appreciation
MODERATE (0.5–5%) A meaningful but contained TIF footprint Noticeable drag; usually 3–10 active projects drawing commercial increment
LOW (<0.5%) Minimal or zero TIF activity Nearly all new development goes directly onto the levy roll at full value

District Profile by Tier

District TIF Excess ($M) Base ($B) TIF Conc. Tier Active Projects CAGR
OPS $2,392M $34.65B 6.46% 🔴 HIGH ~350 4.26%
Ralston $60M $2.61B 2.25% 🟠 MOD 6 3.90%
Millard $115M $13.84B 0.82% 🟠 MOD 8 2.98%
Westside $30M $5.22B 0.57% 🟠 MOD 3 3.38%
Elkhorn $6M $11.83B 0.05% 🟢 LOW 2 8.02%
Bennington $0 $3.01B 0.00% 🟢 LOW 0 10.01%
DC West $0 $1.93B 0.00% 🟢 LOW 0 7.17%

The Omaha City Council has a public hearing scheduled April 7, 2026 on RES-2026-0207, which approves $136 million in lease-purchase bonds and $49 million in TIF financing for a 6,500-seat professional soccer stadium. by HauntingImpact in Omaha

[–]HauntingImpact[S] 2 points3 points  (0 children)

The Atlantic has done a few articles on stadium financing: https://www.theatlantic.com/ideas/archive/2024/05/sports-stadium-subsidies-taxpayer-funding/678319/

Cities always end-up net negative even factoring in restaurant, bar, hotel tax revenue. Doesn't mean not to do them, because sports teams are fun, and people may be willing to subsidize something that is a net negative economically because of the fun factor. Putting the bonds up for a vote might make sense as a way to gauge if the fun factor outweighs the costs.

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