Voters in 7 States Just Lowered Property Taxes: Here’s What You Need to Know

According to Moneytalksnews In 2025, homeowners in several states will benefit from newly passed or expanded property tax exemptions, offering relief from rising taxes. These tax breaks, approved by voters in recent elections, aim to reduce property tax burdens, especially for seniors, veterans, and homeowners in specific conditions. Here’s a breakdown of key measures that passed in 2024:

Florida

• Measure: Amendment No. 5
• Effective: January 1, 2025
• Details: This measure introduces an inflation adjustment for the state’s homestead exemption. This means the exemption amount will increase in line with inflation, offering continued relief for homeowners. Nearly 66% of voters supported the amendment.

Arizona

• Measure: Proposition 312
• Effective: Tax year 2025
• Details: Arizona’s Proposition 312 allows property owners to apply for a refund on taxes paid if local governments fail to enforce public nuisance laws, like those against loitering or panhandling. About 58% of voters approved the proposition.

Colorado

• Measure: Amendment G
• Effective: Tax year 2025
• Details: Amendment G expands property tax exemptions for disabled veterans. Previously, only veterans with a 100% permanent disability were eligible for a homestead exemption. Now, veterans who are unemployable due to their disability will also qualify. The amendment passed with 73% approval.

Georgia

• Measure: Amendment 1
• Effective: January 1, 2025 (local governments have until March 1 to opt out)
• Details: This amendment limits annual increases in property assessments, preventing them from outpacing inflation. With 63% of voters in favor, the measure ensures that property tax hikes won’t be as steep.

New Mexico (Amendment 1)

• Measure: Amendment 1
• Effective: Immediately after voter approval
• Details: This amendment extends property tax exemptions to all service-disabled veterans and their widows or widowers, regardless of the disability percentage. The amount of the exemption is based on the federal disability rating. The amendment passed with overwhelming support, 83% of voters.

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New Mexico (Amendment 2)

• Measure: Amendment 2
• Effective: Immediately after voter approval
• Details: This measure increases the value of the state’s property tax exemption for honorably discharged veterans and their spouses from $4,000 to $10,000. The exemption amount will be adjusted for inflation. About 72% of voters supported the amendment.

Virginia

• Measure: Amendment to Article X
• Effective: January 1, 2025
• Details: Virginia’s new amendment extends the property tax exemption for surviving spouses of soldiers who died in the line of duty. Previously, only spouses of those killed in combat were eligible, but now all surviving spouses of fallen soldiers will benefit. A staggering 93% of voters approved this change.

Wyoming

• Measure: Amendment A
• Effective: January 1, 2026
• Details: Wyoming’s Amendment A creates a new class of property, “residential real property.” This change doesn’t immediately lower property taxes but paves the way for residential real estate to be taxed differently from other types of property. The amendment was supported by 150,000 voters, a majority of those who cast ballots.

These measures, passed by voters in various states, offer significant property tax relief to a wide range of homeowners, particularly veterans, seniors, and families facing rising tax rates. For homeowners in these states, 2025 will bring relief through expanded exemptions and adjusted tax rates.