Property Tax Relief? The States With Reform on Ballot in November
Summary
Four states led by Republicans—Florida, North Carolina, Oklahoma, and Wyoming—will have proposals on the November ballot to reduce or limit property taxes. These measures come after years of rising property taxes that have made it harder for many homeowners, especially seniors, to afford their bills.Key Facts
- Property taxes have increased sharply, with a 30% rise in average annual taxes for single-family homes since 2019.
- The median property tax paid by homeowners is about $3,119 per year or $260 per month as of 2024.
- In Florida, Amendment 3 could greatly increase exemptions on property taxes for primary homes starting in 2027.
- Oklahoma voters will decide on tightening limits on how much property tax assessments can grow each year.
- North Carolina’s proposal would require lawmakers to create limits on property tax increases but does not set the limits itself.
- Wyoming’s proposal also focuses on direct tax cuts for homeowners.
- Critics warn that cutting property taxes could reduce funds for local services like police and schools.
- To pass, Florida’s constitutional amendment needs at least 60% voter approval.
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