07/18/2024
Two states are considering abolishing property taxes entirely in 2024.
Soaring home values are great news for homeowners, as they often see their equity increase. However, this rise in value can lead to unexpected challenges, particularly with rising property tax bills.
To address this issue, several states are implementing measures to help ease the burden on homeowners by capping annual increases in property tax revenue or assessment values.
In November, voters in Colorado and Georgia will decide on two proposals aimed at this goal. Additionally, Alabama, Wyoming, and Kansas have already passed new laws this year to limit future property tax increases for homeowners. Other states are also considering targeted exemptions and carve-outs to provide further relief.
