How 5 States Gave Property Tax Relief in Their 2027 Budget
Summary
Five U.S. states have introduced property tax relief measures in their 2027 budgets to help homeowners facing rising costs. These measures include tax cuts, expanded exemptions, and proposals to reduce or eliminate property taxes, amid concerns about housing affordability and increasing insurance and mortgage costs.Key Facts
- Property taxes rose by over 30% between 2019 and 2025, following a large increase in home values.
- Home prices increased by 54% nationwide since 2020, driven by low borrowing costs and limited housing supply during the pandemic.
- Homeowners are also seeing a 72% increase in average monthly insurance premiums due to more frequent natural disasters and higher construction costs.
- Mortgage rates have climbed to 6-7%, nearly doubling since the pandemic lows, making homeownership more expensive.
- Florida plans a property tax cut that would raise the homestead exemption to $150,000 in 2027 and $250,000 in 2028, subject to voter approval.
- Indiana is considering a bill to phase out property taxes by 2028, funded by a larger state sales tax, but the bill has limited support.
- New Jersey’s $60.7 billion budget includes $4.1 billion for property tax relief targeting homeowners aged 65 and older.
- Lawmakers are debating how to balance property tax relief with potential losses in revenue for local governments and public services.
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