Key facts
- Voters in Louisiana, Oklahoma, and Florida will decide on property tax changes in November.
- Louisiana's measure would allow local governments to offer additional property tax exemptions to homeowners aged 65 and older.
- Oklahoma's State Question 847 aims to lower the cap on annual increases in homestead property values and offers tiered caps for seniors based on income.
- Florida's Amendment 3 proposes to increase the state homestead exemption from $50,000 to $150,000 in 2027 and $250,000 in 2028, excluding school district taxes.
- Concerns have been raised about the potential impact of these measures on local government revenues.
Voters in Louisiana, Oklahoma, and Florida will consider property tax changes on their ballots in November, with proposals aimed at reducing housing costs, particularly for senior homeowners on fixed incomes.
In Louisiana, voters will decide on a constitutional amendment that would allow local governments to expand property tax relief for qualifying homeowners aged 65 and older. This measure, originating from House Bill 514, would enable parishes and municipalities to offer an additional exemption to those who occupy their homesteads and are part of the state’s special assessment level program. The exemption would not be statewide, and local governments could opt to participate, with potential application for tax years beginning January 1, 2028.
Oklahoma's State Question 847 seeks to reduce the annual cap on increases for homestead property values from 3% to 1.75%, and for non-homestead real property from 5% to 4%. The proposal also revises protections for seniors earning at or below their county’s median income, offering a 0% freeze on taxable property value increases. Those with higher incomes could see annual caps ranging from 0.35% to 1.75%, depending on household income. Critics have voiced concerns about the potential impact on local government revenues for services like schools and infrastructure. If approved, this measure would take effect for the 2027 tax year.
Florida voters will face Amendment 3, which proposes to significantly increase the state’s homestead exemption. The exemption would rise to $150,000 in 2027 and $250,000 in 2028, though it would not apply to school district taxes. While not exclusively for seniors, the measure could offer substantial relief to retirees dealing with rising insurance, housing, and living expenses. The amendment requires at least 60% voter approval. However, the measure has faced a legal challenge regarding its ballot language, with a Leon County Circuit Court judge ruling in August that it used misleading promotional phrasing. The ruling did not remove the amendment but mandated more objective wording.
Nationwide, the average annual property tax bill for a single-family home has reached $4,427, an increase of over 3% from the previous year, highlighting the growing financial burden of property taxes.