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State ballot measures could reshape homeowner-related policies

Insurance Rate Reporter / 4 hours ago

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Greg Taylor SVP, Performance Marketing and Media Buying | realtors.com

The upcoming presidential election will feature a variety of ballot measures across several states, many of which could significantly impact homeowners. These measures primarily focus on property taxes, with some states proposing major changes.

North Dakota's proposal to eliminate property taxes is among the most notable. If passed, it would make North Dakota the first state in the U.S. without property taxes. This raises concerns about funding for essential services and infrastructure that benefit homeowners.

Realtor.com® chief economist Danielle Hale emphasizes the importance of considering the balance between tax costs and benefits. "While a proposal to eliminate or cap the property tax is surely appealing to homeowners and other property owners, voters should think about these proposals from a cost-benefit framework," she says. "In the absence of property tax revenue to support these services, governments would have to levy other taxes."

Arizona's Proposition 312 would allow property owners to apply for tax refunds if local laws related to quality-of-life issues are not enforced. Supporters argue it will encourage enforcement, while opponents believe it could drain resources needed for addressing homelessness.

Colorado's Amendment G seeks to expand property tax exemptions for veterans with disabilities, garnering bipartisan support. Florida's Amendment 5 proposes an annual inflation adjustment for homestead tax exemptions, sparking debate over potential shifts in tax burdens.

Georgia's Amendment 1 aims to cap annual property tax increases at inflation rates for existing homeowners but faces criticism from those who believe it may distort the housing market.

Illinois presents an advisory question on adding a 3% income tax on earnings over $1 million to fund property tax relief. Meanwhile, New Mexico offers two amendments: one adjusting veteran exemptions based on disability ratings and another increasing overall veteran exemptions.

North Dakota's Measure 4 could ban all property taxes, with strong opposition citing potential economic harm and loss of local control over revenues.

Oklahoma's State Question 833 allows municipalities to create public infrastructure districts with bond-issuing powers, while Virginia seeks to amend its constitution regarding veteran and surviving spouse exemptions.

Finally, Wyoming considers creating a separate class for owner-occupied residences for taxation purposes.

These proposals reflect diverse approaches to managing homeowner-related issues through state legislation and voter input.

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