According to Moneytalksnews Many homeowners in several states will benefit from new or expanded homestead exemptions and other property tax breaks starting in 2025.
Tax Concerns Dominate the Election
During the recent election season, taxes were top of mind for voters, with 36% rating them as “extremely important” and 39% considering them “very important,” according to a Gallup poll. These concerns went beyond the presidential race, as voters in several states had the chance to weigh in on property tax legislation. Most of these measures passed, leading to new or expanded property tax relief in several key states.
Here’s a breakdown of the new property tax measures coming to some of the most significant swing states:
Florida
- Measure: Amendment No. 5
- Effective Date: January 1, 2025
- Support: 66% of voters approved.
- What It Does: The amendment introduces an annual inflation adjustment to Florida’s existing homestead exemption, a property tax break for primary homes. This means the value of the exemption will increase alongside inflation.
Arizona
- Measure: Proposition 312
- Effective Date: 2025 Tax Year
- Support: 58% of voters approved.
- What It Does: Property owners can apply for a refund if their local government fails to enforce certain public nuisance laws, such as those against loitering or panhandling. Refunds can be claimed once per tax year, depending on the area.
Colorado
- Measure: Amendment G
- Effective Date: 2025 Tax Year
- Support: 73% approval.
- What It Does: This measure expands property tax exemptions for disabled veterans, extending eligibility to veterans who are unemployable due to disability, even if they aren’t permanently disabled.
Georgia
- Measure: Amendment 1
- Effective Date: January 1, 2025 (local governments have until March 1, 2025, to opt out).
- Support: 63% of voters approved.
- What It Does: Amendment 1 limits the rate of increase for home assessments, ensuring they cannot rise faster than inflation. This will help keep property taxes from outpacing homeowners’ ability to pay.
Also Read – America’s Worst Debt: How Swing States Like Nevada, Georgia, and Arizona Are Impacted
New Mexico (Amendment 1)
- Measure: Amendment 1
- Effective Date: Immediately upon voter approval.
- Support: 83% approval.
- What It Does: New Mexico expands property tax exemptions to all service-disabled veterans, regardless of their disability rating. The exemption’s value will be based on the severity of the veteran’s disability as determined by the U.S. Department of Veterans Affairs.
New Mexico (Amendment 2)
- Measure: Amendment 2
- Effective Date: Immediately upon voter approval.
- Support: 72% approval.
- What It Does: This measure increases the value of the property tax exemption for honorably discharged veterans and their widows or widowers from $4,000 to $10,000, with annual adjustments for inflation.
Virginia
- Measure: Amendment to Article X
- Effective Date: January 1, 2025
- Support: 93% approval.
- What It Does: Virginia expands property tax exemptions to surviving spouses of all soldiers who died in the line of duty, not just those killed in combat.
Wyoming
- Measure: Amendment A
- Effective Date: January 1, 2026
- Support: Majority approval.
- What It Does: Wyoming creates a new category for residential property, distinct from industrial or personal property, allowing for the possibility of different tax treatment for homes in the future.
These newly passed measures represent a significant shift in how various states are addressing property tax burdens, offering relief to homeowners across the country in the form of expanded exemptions, inflation adjustments, and new categories of eligibility. With taxes continuing to be a key focus for voters, these changes reflect growing efforts by state governments to ease the financial load on homeowners.
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