Today's Video Headlines: 11/4/24
The presidential election will be at the top of the ballot on Tuesday — but in a number of states, voters will also have the chance to weigh in on important ballot measures impacting homeowners.
“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. The cost of property taxes is ideally offset by the benefit of the services provided by those taxes,” says Realtor.com® chief economist Danielle Hale.
“Arizonans deserve safe neighborhoods and a strong economy. Those start with enforcing the law,” says Maricopa County attorney Rachel Mitchell. “Hardworking Arizonans expect a return on what they pay in taxes, like safe streets. They also deserve a refund when the government doesn’t meet its obligations.”
Colorado’s Democrat-controlled state legislature referred the constitutional amendment to voters with full bipartisan support to reach the needed two-thirds majority. No member of the legislature voted against the ballot measure. Supporters of the amendment say it would provide much-needed relief to homeowners by increasing their exemptions each year at the rate of inflation.
Supporters of the measure say it would provide tax relief to homeowners, following a period of rapid increases in property values. Currently, only veterans with a 100% disability and their surviving spouses are eligible for a property tax exemption. The change would allow veterans with less than 100% disability rating to apply for exemption in proportion to their federal disability rating. amending the state constitution to extend the disabled veteran property tax exemption to all disabled veterans in proportion to their federal disability rating.
Rick Becker, a Republican former state legislator in North Dakota, spearheaded the initiative, citing rapid recent increases in property taxes in the state. The amendment would create a new type of district within municipalities, with the authority to issue bonds for public improvements. Those districts would be governed by a board of trustees who would have the power to levy a special assessment of up to 10 mills on properties benefiting from any improvement projects to be used to pay off those bonds.
The exemption, which applies only to a primary residence, would not apply to any surviving spouse who remarries.This measure adds “residential real property” as a fourth, separate class of property and authorizes the legislature to create a subclass of residential property for “owner-occupied primary residences,” which could be assessed at a different rate from other property in the residential property class.
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