Map Shows Where Homeowners Could Get Property Tax Relief in November
Summary
Many U.S. states will have votes in November on ways to reduce property taxes, which have risen sharply since 2019. These tax changes mainly aim to help homeowners, especially seniors, but could affect local government budgets that fund public services.Key Facts
- Property taxes in the U.S. rose about 30% between 2019 and 2024.
- The increase follows a rise in home values due to low borrowing costs and limited housing supply.
- Florida voters will decide on Amendment 3, which proposes raising the homestead tax exemption from $50,000 to $250,000 by 2028 and tying it to inflation starting in 2029.
- The Florida amendment excludes homeowners who buy homes after January 1, 2027, from benefiting fully until they live there five years.
- Louisiana voters will consider raising an income limit for a property tax freeze from $100,000 to $150,000 with Amendment 9.
- Louisiana will also vote on other amendments to extend tax benefits to older homeowners and spouses of disabled veterans.
- Experts warn that lowering property taxes may reduce funds for essential local services like schools and public safety.
- These votes come amid broader concerns about housing affordability with rising mortgage rates and costs.
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