The following are proposed property tax related amendments that will be on the November 6, 2018 general election ballot. The amendments must be approved by 60% of the voters statewide in order to become part of the Constitution:
Amendment 1:
Increased homestead exemption for properties with $100,000 assessed value or more.
- Would increase homestead exemption from $50,000 to $75,000 on non-school board levies
- Would take effect January 1, 2019 if approved
- Whether this additional exemption would save each property owner tax dollars or not depends on the property’s current assessed value.
| If your Assessed Value is… | Your Homestead Exemption will be…. |
|---|---|
| $125,000 and up | Original $25,000 Homestead Exemption. Plus full $25,000 2nd additional Homestead Exemption. Plus full $25,000 3rd additional Homestead Exemption. |
| $100,000 - $125,000 | Original $25,000 Homestead Exemption. Plus full $25,000 2nd additional Homestead Exemption. Plus 3rd additional Homestead Exemption equal to the assessed value over $100,000. Exempt from all levies except school disrict levies. |
| $75,000 and up | Original $25,000 Homestead Exemption. Plus full $25,000 additional Homestead Exemption. |
| $50,000 - $75,000 | Original $25,000 Homestead Exemption. Plus additional Homestead Exemption equal to the assessed value over $50,000. Exempt from all levies except school district levies. |
| $1 - $50,000 | Original $25,000 Homestead Exemption and NO additional Homestead Exemption. |
To see if you will benefit from this additional exemption, click on the examples below representing different assessed values.
Amendment 2:
Extend indefinitely limitations on property tax assessments (10% Cap on Non-Homesteaded Property)
- In January 2008 the voters approved an Amendment to the Constitution that placed a 10% assessment cap on all non-homestead property. Included in this provision are: rental, commercial, vacant land, and other properties, not eligible for homestead exemption benefits
- The cap does not apply to school board tax levies
- Cap set to expire January 1, 2019
- Amendment would extend the cap indefinitely