As Election Day approaches, taxes have become a key issue for voters at both the federal and state levels. State tax matters are also on the ballot across the country, with several significant proposals up for consideration. In Arizona, Proposition 312 would allow property owners to apply for a tax refund if they feel the local government has not enforced laws related to homelessness. Unfortunately, a ballot measure in California that would have made it harder to raise taxes was removed from the November ballot by the state Supreme Court.
In Colorado, voters are set to decide on Proposition JJ, which would direct excess sports betting tax revenue to water conservation projects. Proposition KK would create a new excise tax on firearms and ammunition, with funds going towards various public services. In Florida, Amendment 5 would adjust the homestead exemption for inflation each year, affecting how homes are assessed for property taxes.
Georgia voters will consider three tax-related measures, including Amendment 1 which would create a statewide local homestead exemption. Amendment 2 would establish a new Georgia Tax Court to hear tax cases, while Referendum A would increase the exemption for tangible personal property from $7,500 to $20,000. In Illinois, voters will weigh in on a proposed 3% surtax on incomes over $1 million, with revenue intended for property tax relief.
Louisiana voters will decide on Amendment 4, which would change property tax sale procedures and grant the legislature the ability to waive penalties for tax payments in certain emergencies. In Nevada, Question 5 asks whether to exempt diapers from the state sales tax, similar to laws in other states. North Dakota voters will decide on Initiative Measure 4, which would eliminate property taxes based on assessed values and require the state to replace local property tax revenues.
Oregon voters will consider Measure 118, which would increase the minimum tax on corporations with Oregon sales and distribute the additional revenue to eligible residents as a tax rebate. South Dakota voters will weigh in on Initiative Measure 28, which aims to eliminate state sales tax on items sold for human consumption. In Washington, voters will decide on Initiative 2109 to repeal the state’s capital gains tax, as well as Initiative 2117 to repeal sections of a law targeting greenhouse gas emissions.
In Wyoming, an amendment is proposed to create a new tax class for owner-occupied residential properties, potentially impacting how these properties are assessed for taxes. Additionally, several states have ballot measures related to marijuana legalization and veteran property tax exemptions. It’s important for voters to review the specific proposals on their ballots to understand the potential impact on state budgets and personal finances in the future.
