According to Moneytalksnews Several states across the U.S. are introducing new or expanded property tax breaks that will take effect in 2025, providing financial relief to homeowners. These measures reflect the growing concern about taxes, as evidenced by a Gallup poll showing that 36% of voters rated taxes as “extremely important,” and 39% rated them as “very important.”
During the November 5th election, voters in several states approved measures aimed at easing property tax burdens. Here’s a look at some of the key new property tax changes set to take effect in 2025:
Florida
- Measure: Amendment No. 5
- Effective Date: January 1, 2025
- What It Does: The amendment establishes an annual inflation adjustment to Florida’s existing homestead exemption. This means that the value of the exemption will increase along with inflation, providing continued relief to homeowners with primary residences.
- Support: 66% of voters approved the measure.
Arizona
- Measure: Proposition 312
- Effective Date: Tax year 2025
- What It Does: Property owners can now apply for a refund if their local government fails to enforce certain public nuisance laws, such as those against loitering or panhandling. This measure allows for one refund per year.
- Support: 58% of voters approved the measure.
Colorado
- Measure: Amendment G
- Effective Date: Tax year 2025
- What It Does: This amendment expands eligibility for property tax exemptions for disabled veterans. Previously, only veterans with a 100% permanent disability were eligible. Now, veterans who are unemployable due to disability but not permanently disabled can qualify for the exemption.
- Support: Nearly 73% of voters approved the measure.
Georgia
- Measure: Amendment 1
- Effective Date: January 1, 2025 (with local governments having until March 1, 2025, to opt out)
- What It Does: This amendment limits the annual increase in home assessments to prevent property tax hikes from outpacing inflation.
- Support: 63% of voters approved the measure.
New Mexico
- Measure 1: Amendment 1
- Effective Date: Upon voter approval
- What It Does: This measure extends the property tax exemption for disabled veterans to include all service-disabled veterans, not just those with a 100% disability rating. The amount of the exemption will be based on the veteran’s disability rating from the U.S. Department of Veterans Affairs.
- Support: 83% of voters approved the measure.
- Measure 2: Amendment 2
- Effective Date: Upon voter approval
- What It Does: The measure increases the value of New Mexico’s property tax exemption for honorably discharged veterans and their widows or widowers from $4,000 to $10,000. The exemption will also be adjusted annually for inflation.
- Support: 72% of voters approved the measure.
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Virginia
- Measure: Amendment to Article X
- Effective Date: January 1, 2025
- What It Does: This amendment expands Virginia’s property tax exemption to surviving spouses of soldiers who died in the line of duty, not just those killed in combat.
- Support: 93% of voters approved the measure.
Wyoming
- Measure: Amendment A
- Effective Date: January 1, 2026
- What It Does: This measure creates a new class of property called “residential real property,” which will allow homes to be taxed differently from other types of property, such as industrial real estate and personal property. While this change alone won’t immediately lower property taxes, it sets the stage for potential adjustments in the future.
- Support: Approved by a majority of voters.
These newly approved property tax changes reflect a broader trend of providing financial relief to homeowners, especially those in need, such as veterans and seniors. As states implement these measures, many residents can look forward to a reduction in their property tax burden starting in 2025.
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