A number of state legislatures have sought to lower property taxes this year — and several actually succeeded.
Following are several states that passed laws in 2023 that create, increase or expand eligibility for property tax relief.
Nebraska
Nebraska’s LB 243 was signed into law on May 31. The legislation expands the state’s property tax credits, limits school property tax increases and gets rid of nearly all community college property taxes.
Missouri
The Missouri Legislature passed SB 190 on May 30. Once signed into law, the bill will authorize counties to create a property tax credit for homeowners who are eligible to receive Social Security retirement benefits.
According to the bill, “The amount of the property tax credit shall be equal to the difference between the real property tax liability on the homestead in a given year minus the real property tax liability on such homestead in the year in which the taxpayer became [eligible for Social Security retirement benefits].”
Indiana
The Indiana Legislature authorized property tax relief estimated to be worth more than $100 million with HB 1499, which was signed into law in May. The bill expands a deduction that’s currently limited to 25% of assessed value.
The deduction will temporarily be worth as much as 40% and ultimately worth 35% of assessed value for homeowners with property valued at $600,000 or less. The deduction will temporarily be worth as much as 30% before returning to 25% of assessed value for homeowners with more expensive property
North Dakota
Recent legislation in North Dakota will provide $157 million in property tax relief, according to the state. HB 1158, signed into law in April, will do this in two ways:
- Allow homeowners to claim a property tax credit of up to $500 on their primary residence.
- Expand eligibility for and the maximum value of the state’s Homestead Property Tax Credit for homeowners age 65 and older.
Iowa
In May, the Iowa Legislature passed HF 718, and it was signed into law. The legislation, which will save residents an estimated $100 million, provides new homestead property tax exemptions for seniors and veterans and places caps on property taxes going forward.
Arkansas
In March, the Arkansas Legislature passed HB 1032, and it was signed into law. The single-page piece of legislation increases the state’s homestead property tax credit by $50 starting with the 2023 assessment year. The credit will be worth $425 rather than $375.
Montana
In March, Montana’s Legislature passed HB 222, and it was signed into law. The legislation, worth $280 million in tax relief, provides homeowners a property tax rebate of up to $500 for their primary home in 2023 and 2024.
Georgia
Georgia’s HB 18 became law in March. The legislation provides $950 million in property tax rebates. Taxpayers with homestead exemptions should receive about $500, on average, according to Gov. Brian Kemp.
