Homeowners guide to 2024 ballot measures including one state that could eliminate property taxes

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.Nearly a dozen states will have statewide ballot questions on issues impacting homeowners, most of them related to property taxes.Many additional local questions on property taxes will appear on ballots at the county or city level.At the state level, North Dakota’s proposal to eliminate property taxes entirely is the most radical homeowner-related proposal up for a vote on Nov.

5.If approved, the measure would make North Dakota the first state in the nation without any property taxes, raising questions about how key services and infrastructure that benefit homeowners would continue to be funded there.On other states, voters will consider more limited property tax exemptions and carveouts, such as tweaks to exceptions for disabled veterans or a separate assessment class for owner-occupied homes.“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.“Many of these services, such as libraries, public schools, public safety services, local road maintenance, and parks and recreation facilities are beneficial to property owners,” she adds.“In the absence of property tax revenue to support these services, governments would have to levy other taxes, such as sales or income taxes, or fees to provide funding or cut back on these services.”All voters — and especially homeowners — should carefully research state and local ballot measures related to property taxes before heading to the polls, and weigh the pros and cons of any new proposals.To help voters research proposals in their stat...