Despite Slowing Revenues, Property Tax Cuts Are All the Rage

Home values have increased by 27% since 2020, leading to higher property tax bills. Many Republican governors are pushing for property tax cuts, with some states proposing multi-billion dollar reductions. However, property taxes are primarily managed at the local level, complicating efforts to cut them without impacting local budgets. While some states, like Texas and Indiana, have initiated significant cuts, local officials warn of potential service reductions. Various relief proposals are being considered, including capping levy increases and increasing homestead exemptions.