Real Estate
Home›Real Estate›Residential›Three states set ballots for property tax relief, targ…
Three states set ballots for property tax relief, targeting homeowners
The measures include Louisiana’s option for extra senior exemptions in participating localities, Oklahoma’s cap cut on homestead value growth, and Florida’s plan to lift the homestead exemption to $150,000.
Voters in Louisiana, Oklahoma and Florida will decide in November whether to change property tax rules that could lower housing costs for residents, with particular focus on older homeowners and people on fixed incomes, HousingWire reports. The push comes as property taxes continue to weigh on household budgets, including after mortgages are paid off, with Kiplinger citing ATTOM data for an average annual single-family property tax bill of $4,427 nationwide, up more than 3% year over year.
In Louisiana, voters will consider whether local governments can expand tax relief for qualifying homeowners ages 65 and older. Under a proposed constitutional amendment created by House Bill 514, parishes and municipalities could offer an additional exemption for homeowners who occupy their homesteads and qualify for the state’s special assessment level program, with no statewide exemption created. If approved on Nov. 3 and adopted locally, the exemption would apply beginning with tax years starting Jan. 1, 2028.
Oklahoma voters will weigh State Question 847, which would reduce the annual cap on increases in homestead taxable value from 3% to 1.75%, and lower the cap for non-homestead real property from 5% to 4%. The measure would keep a 0% freeze for seniors whose incomes are at or below their county’s median level as measured by HUD, while other homeowners could receive caps on increases that range from 0.35% to 1.75% based on household income, a sliding-scale approach supporters say would replace an all-or-nothing system.
Florida voters will consider Amendment 3, which would raise the state homestead exemption for qualifying properties from $50,000 to $150,000. Supporters in each state cite homeowner relief, while critics warn the changes could affect local government revenues needed for services such as schools, infrastructure and other programs.