Property Tax Breaks Approved in 7 States for 2025: Voter-Backed Measures

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According to Moneytalksnews , Many homeowners across the U.S. will benefit from new or expanded property tax breaks starting in 2025, thanks to recent voter-approved measures. With taxes a hot topic this election season, 36% of voters called them “extremely important,” and another 39% considered them “very important,” according to a Gallup poll. This widespread concern led to several property tax-related ballot measures passing on November 5, 2024.

Here are the states offering new or expanded property tax breaks:

Florida

The Measure: Amendment No. 5
Effective: January 1, 2025
What It Does: This amendment will adjust Florida’s existing homestead exemption annually for inflation. As inflation increases, the value of the exemption will also rise, providing greater tax relief for homeowners with primary residences.

Arizona

The Measure: Proposition 312
Effective: 2025 tax year
What It Does: Property owners in Arizona can now apply for a refund of property taxes paid to their local city or county if local governments fail to enforce public nuisance laws, such as those against loitering or panhandling. This refund can be requested once per tax year.

Colorado

The Measure: Amendment G
Effective: 2025 tax year
What It Does: Amendment G extends eligibility for property tax exemptions to veterans who are unemployable due to disability, not just those who are permanently and totally disabled. This provides more disabled veterans with access to property tax breaks.

Georgia

The Measure: Amendment 1
Effective: January 1, 2025 (local governments can opt out by March 1, 2025)
What It Does: This amendment limits how much home assessments can rise each year, capping increases to match inflation. By controlling the rate of assessment growth, it helps prevent property tax hikes that outpace homeowners’ income.

New Mexico (Amendment 1)

The Measure: Amendment 1
Effective: Immediately upon voter approval
What It Does: This measure expands New Mexico’s property tax exemption to all service-disabled veterans, not just those rated 100% disabled. The amount of the exemption will depend on the severity of the veteran’s disability, as determined by the U.S. Department of Veterans Affairs.

New Mexico (Amendment 2)

The Measure: Amendment 2
Effective: Immediately upon voter approval
What It Does: Amendment 2 increases the value of the state’s property tax exemption for honorably discharged veterans and their surviving spouses from $4,000 to $10,000. This amount will be adjusted for inflation annually.

Also Read – Top 3 Swing States with America’s Worst Debt in 2024

Virginia

The Measure: Amendment to Article X
Effective: January 1, 2025
What It Does: Virginia’s amendment expands the eligibility for a property tax exemption for surviving spouses of soldiers killed in the line of duty. Previously limited to spouses of soldiers killed in combat, the exemption now extends to all fallen military personnel.

Wyoming

The Measure: Amendment A
Effective: January 1, 2026
What It Does: Wyoming’s Amendment A creates a new category for homes: “residential real property.” While this change doesn’t immediately reduce property taxes, it lays the groundwork for future tax distinctions between residential homes and other types of property, potentially lowering taxes in the future.

These new measures reflect growing concerns about the financial impact of property taxes, especially for vulnerable groups like veterans and retirees. Homeowners in these states can look forward to significant property tax relief starting in 2025.

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