Voters in three states will consider property tax changes in November that could offer relief to homeowners, particularly older residents coping with rising housing costs on fixed incomes.
Property taxes have become a growing financial concern even for people who have paid off their mortgages. ATTOM data cited in a recent report by Kiplinger shows that the average annual property tax bill for a single-family home nationwide is $4,427 — an increase of more than 3% from the previous year.
Louisiana voters will decide this fall whether to allow local governments to 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 to homeowners who occupy their homesteads and qualify for the state’s special assessment level program.
The measure would not create a statewide tax exemption. Instead, local governments could choose whether to participate. If approved on Nov. 3 and adopted locally, the exemption would apply to tax years beginning Jan. 1, 2028, according to the Kiplinger report.
Oklahoma’s State Question 847 would reduce the annual cap on increases in homestead property values from 3% to 1.75%. It would also lower the cap for non-homestead real property from 5% to 4%.
The proposal also would revise protections for homeowners 65 and older.
Seniors earning at or below their county’s median income, as measured by the U.S. Department of Housing and Urban Development (HUD), would continue to receive a 0% freeze on taxable property value increases. Those with higher incomes could receive annual caps ranging from 0.35% to 1.75%, based on household income.
The sliding-scale approach in Oklahoma intended to replace what supporters describe as an all-or-nothing system, while critics have raised concerns about potential effects on revenue for schools, infrastructure and other local services. The measure would take effect for tax year 2027 if voters approve it Nov. 3.
Florida voters will consider Amendment 3, which would raise the state homestead exemption for qualifying properties from its current level of $50,000 to $150,000 in 2027 and $250,000 in 2028. Kiplinger specified that the additional exemption would not apply to school district taxes.
The amendment is not limited to older homeowners, but it could provide significant relief to retirees facing higher insurance, housing and living costs. It would require at least 60% voter approval.
Florida’s proposal also faces a legal challenge over its ballot language, Kiplinger noted.
On Aug. 5, a Leon County Circuit Court judge ruled that the wording was misleading because it used promotional language, including the phrase “constitutional protections for Florida homeowners,” rather than a neutral description. The ruling did not remove the measure from the ballot but required more objective wording.
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
