Summary
U.S. property taxes have surged alongside rising home values, increasing about 30% since 2019 and squeezing household budgets. In response, several states are taking steps to reduce the burden on homeowners. Montana and North Dakota have passed laws to cut primary residence taxes, effective in 2025, while Ohio has capped increases to inflation, and voters may consider full repeal. Florida’s legislature is debating a phased elimination of homestead taxes, and other states, including Pennsylvania, Kansas, and Illinois,s are exploring reforms to reduce or restructure how property taxes are assessed and funded. Advocates say cuts will ease costs, but critics warn of potential revenue shortfalls for local services.
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