T
he presidential election will dominate ballots this Tuesday, but voters in several states will also weigh in on crucial ballot measures affecting homeowners. In nearly a dozen states, statewide questions will address property taxes, with many more local issues at the county or city level.
North Dakota's proposal to eliminate property taxes entirely is the most radical measure up for vote. If approved, it would make North Dakota the first state without any property taxes, raising concerns about how essential services and infrastructure benefiting homeowners would be funded.
Other states will consider more limited property tax exemptions and carveouts, such as tweaks to exceptions for disabled veterans or a separate assessment class for owner-occupied homes. Realtor.com chief economist Danielle Hale advises voters to evaluate these proposals through a cost-benefit framework, considering the trade-offs between property taxes and services like libraries, public schools, and local road maintenance.
To help voters research state-level property-related proposals, Realtor.com has compiled this guide. Arizona's Proposition 312 would allow property owners to apply for a tax refund if cities fail to enforce quality-of-life laws, while Colorado's Amendment G expands the property tax exemption for disabled veterans. Florida's Amendment 5 proposes an annual inflation adjustment for the homestead property tax exemption.
Georgia's Amendment 1 would introduce a local option homestead property tax exemption, allowing counties and municipalities to opt out. Illinois' non-binding advisory question suggests creating an additional 3% tax on income greater than $1 million for property tax relief. New Mexico's Constitutional Amendments 1 & 2 aim to extend the disabled veteran property tax exemption and increase the veterans' exemption amount.
North Dakota's Initiated Measure 4 would ban property taxes, while Oklahoma's State Question 833 allows municipalities to create public infrastructure districts with bond-issuing authority. Virginia's Property Tax Exemption for Veterans and Surviving Spouses Amendment expands eligibility for exemptions, and Wyoming's Property Tax on Residential Property and Owner-Occupied Primary Residences Amendment adds a new class of property and authorizes different tax rates.
Homeowners should carefully research these proposals before casting their ballots, weighing the pros and cons of each measure.
