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Property Tax

All articles tagged with #property tax

DeSantis Moves Florida Toward Phased Homestead Tax Elimination in Special Session
politics2 days ago

DeSantis Moves Florida Toward Phased Homestead Tax Elimination in Special Session

Gov. Ron DeSantis announces a June Special Session to push a phased plan that could eventually end Florida’s homestead property tax. The plan starts with raising the homestead exemption to $150,000 in 2027 and to $250,000 in 2028, then a timetable to fully eliminate the tax contingent on voter approval and a 3/5 legislative vote. It shields local governments with protections and a trust fund to cover core services, avoids new offset taxes during the transition, and imposes a five-year homestead tax requirement on newcomers to curb benefits for movers. An implementing session post-election will finalize mechanics, with broad public support indicated in polls.

via Florida Politics|
#desantis#florida#homestead
politics3 days ago

DeSantis pushes ballot-backed Florida property tax overhaul amid affordability push

Gov. Ron DeSantis unveiled a sweeping Florida property-tax overhaul that would raise the homestead exemption to $250,000 and cap annual increases on commercial property at 5%, with a five-year wait for new residents to access the larger break. If approved by voters this fall, the plan would be advanced in a special session and requires a legislative supermajority to place the amendment on the ballot and 60% voter approval to pass. The proposal could be DeSantis’ last major policy push and faces internal GOP resistance and opposition over potential losses in school funding and other local services, though he also proposes a standalone fund to help local governments maintain core services.

via Politico|
#desantis#florida#homestead-exemption
DeSantis pitches plan to virtually erase Florida property taxes for most homeowners
politics3 days ago

DeSantis pitches plan to virtually erase Florida property taxes for most homeowners

Gov. Ron DeSantis introduced a property tax proposal to raise the homestead exemption to $250,000 and eventually $500,000, aiming to eliminate property taxes for about 92% of Florida homeowners; he called lawmakers back for a special session to add a ballot amendment and set up a state trust fund to aid local governments during the transition, with passage requiring 60% legislative approval and 60% voter support in November.

via miamiherald.com|
#ballot-measure#desantis#florida
Mamdani's NYC FY27 Budget Balances Without Raising Property Taxes
politics17 days ago

Mamdani's NYC FY27 Budget Balances Without Raising Property Taxes

Mayor Zohran Mamdani unveils a $124.7 billion FY2027 budget that balances a multi‑billion‑dollar gap without increasing property taxes, enabled by state aid, delayed pension payments, new revenue (including a pied‑à‑terre tax), and efficiency savings. The plan funds expanded libraries, parks, transit affordability, education and childcare, and a major NYCHA investment, marking a shift away from austerity — though officials warn out‑year deficits remain and reserves should be strengthened to weather uncertainty.

via ABC7 New York|
#albany#nyc-budget-2027#nycha
Kemp signs sweeping Georgia tax cuts with local property relief
politics18 days ago

Kemp signs sweeping Georgia tax cuts with local property relief

Georgia Gov. Brian Kemp signed HB 463 and SB 33 to overhaul taxes: cutting the income tax rate to 4.99% for 2026 with a scheduled glide to 3.99%, raising standard deductions, expanding retirement exclusions, and easing overtime/tips taxation. SB 33 blocks local governments from opting out of a statewide homestead exemption and creates a 1% Local Homestead Option Sales Tax to fund property-tax relief. Republicans say the measures bolster affordability and job growth, while critics warn about potential revenue impacts for schools and services and note constitutional challenges; a correction clarifies how the homestead cap is calculated.

via WABE|
#brian-kemp#georgia#homestead-exemption
Illinois eyes tax break to keep Bears from crossing into Indiana
sports1 month ago

Illinois eyes tax break to keep Bears from crossing into Indiana

Illinois lawmakers are weighing a bill to freeze property tax assessments on the Bears’ Arlington Heights stadium site to reduce costs and keep the NFL team from relocating to Indiana, where lawmakers have already approved substantial subsidies for a new stadium. The Bears paused plans after learning the tax burden, while Chicago officials seek guarantees that Soldier Field will remain viable for events if the team leaves. Governor Pritzker backs the tax-break idea as the franchise weighs its next move in the coming months.

via NBC Sports|
#bears#illinois#indiana
Mamdani Budget Faces Skeptics Over Wall Street Bets and Tax Hikes
local-government2 months ago

Mamdani Budget Faces Skeptics Over Wall Street Bets and Tax Hikes

New York City Mayor Mamdani’s $127B budget leans on a Wall Street revenue boost, reserve draws, and a broad property tax hike, but critics from the IBO and Comptroller Levine warn that betting on ongoing Wall Street gains is risky and reserves shouldn’t be tapped; Moody’s has outlooked the city negative, signaling pressure to close gaps as Albany debates tax proposals and a tax reform push to address an unfair property tax system that would likely burden renters.

via THE CITY - NYC News|
#local-government#mamdani#nyc-budget
Mamdani floats 9.5% NYC property tax increase as last resort
local3 months ago

Mamdani floats 9.5% NYC property tax increase as last resort

NYC Mayor Zohran Mamdani proposed a 9.5% citywide property tax hike as a final measure to close about a $5.4 billion budget gap, potentially raiding reserves; the proposal would require City Council approval and faces swift opposition, while Gov. Hochul disputes the need for a property tax increase and has added roughly $1.5 billion in state funding to shrink the gap. Critics say the plan is inequitable and demand reform of the property tax system, with savings analyses due by March 20 as the city continues to grapple with a long-standing budget shortfall.

via THE CITY - NYC News|
#budget-gap#city-budget-reform#local
politics3 months ago

Mamdani Eyes Property Tax Hike to Bridge NYC Budget Gap, Pressing Hochul on Wealth Taxes

New York City Mayor-elect Zohran Mamdani unveils a $127 billion preliminary budget and floats raising city property taxes to cover a roughly $5.4 billion shortfall, a tactic aimed at pressuring Gov. Hochul to back higher taxes on the ultra-wealthy and corporations. The plan would draw on reserves and requires City Council support, while Hochul has shown limited appetite for property-tax increases; Albany approval would be needed for other wealth-based taxes.

via Politico|
#budget#hochul#mamdani
Mass. Senate rebukes Wu’s tax shift, backs homeowner relief
politics4 months ago

Mass. Senate rebukes Wu’s tax shift, backs homeowner relief

The Massachusetts Senate advanced a targeted tax-relief bill to cushion homeowners from sharp residential tax hikes and rejected Mayor Michelle Wu’s plan to shift more tax burden onto commercial properties in Boston; the relief measure passed 37-1, while Wu’s amendment failed 33-5, setting the stage for House consideration amid ongoing tensions between Wu and Senate leadership.

via NBC Boston|
#boston#massachusetts#mayor-wu
Iowa Gov. Reynolds pushes sweeping property-tax cap and budget in final term
politics4 months ago

Iowa Gov. Reynolds pushes sweeping property-tax cap and budget in final term

In her 2026 Condition of the State, Gov. Kim Reynolds unveiled a broad property-tax relief plan to cap local revenue growth at 2% annually (with exceptions for new construction), plus senior tax relief, FirstHome Iowa savings accounts, and modernization of veterans’ benefits funded in part by expanded federal health programs for rural cancer care. The package also includes consolidation incentives, a move to triannual property assessments, limits on TIF use, and accelerated SAVE funding for tax relief, paired with a FY2027 budget of about $9.666 billion (≈2% more). She contrasted her plan with Senate and House proposals, touched on health, housing and immigration measures, and signaled ongoing fights over eminent domain in carbon-pipeline projects as she serves in her final term.

via Iowa Capital Dispatch|
#budget#condition-of-the-state#governor-reynolds
New Hampshire weighs taxes on vacant and luxury second homes
politics4 months ago

New Hampshire weighs taxes on vacant and luxury second homes

Two New Hampshire bills would tax second homes and unoccupied properties: a 0.75% levy on second homes valued at $500,000+ that would go to the local municipality, and a 'supplemental residence tax' requiring owners to pay the state the equivalent of their property tax if the home sits empty six months a year or is rented seasonally. Revenue projections range from about $15 million annually to more than $900 million, sparking debate over implementation and fairness; supporters say it could address housing and community funding needs while critics, including real estate and vacation rental interests, call it punitive. Gov. Ayotte and lawmakers say more housing units are needed and these measures will be reviewed in subcommittees.

via New Hampshire Public Radio|
#housing-policy#new-hampshire#politics
state-politics4 months ago

DeSantis’ Florida finale teeters on a turbulent legislative sprint

With Gov. Ron DeSantis’ eight-year tenure ending, Florida’s closing legislative session looks likely to be messy as House–Senate clashes complicate an ambitious agenda: pushing a multibillion-dollar property-tax overhaul onto the November ballot, pursuing mid-decade redistricting in a special session, and advancing AI guardrails along with vaccine-mandate rollbacks—all of which could shape his legacy and his near-certain 2024 presidential bid amid a shifting GOP power dynamic.

via Politico|
#desantis#florida-legislature#property-tax