(Newswire.net — November 13, 2018) — Voters in several states have voted against property tax measures during the midterm elections. California’s Proposition 5 was voted against by voters, with just 42% of voters in favor of the measure. Proposition 5 would have allowed California’s older homeowners to enjoy property tax breaks that younger generations would not enjoy.
California Association of Realtors, the group that sponsored the measure and led its campaign, claims that the change would have helped disabled homeowners and seniors who have been moving away from areas where natural disasters are increasing. The Proposition would have expanded on Proposition 13 which limits property taxes to just 1% of the property’s assessed value.
The limitations, under Proposition 5, would have allowed property tax payments to be transferred with the person when they move for an unlimited amount of times. This means lower property taxes for people age 55 or older and the disabled.
Illinois voters voted to block three General Assembly from being able to create a statewide property tax, although there was no such proposal. More than a half a million voters voted against the “measure,” which was a question on ballots in Lake, Kane and DuPage countries. Cook County’s Hanover Township also asked voters if the state should be permitted to require a 1% property tax on the home’s value.
At least 60% of voters in each jurisdiction voted against the measure.
Rumors of a measure that would be similar to what voters are against have come as a way to pay off $129.1 billion in unfunded pension obligations by the Reserve Bank of Chicago.
The state is known for paying high taxes. “Homeowners historically have been unhappy with the property tax process in Cook County, but this year, it seems that homes values have gone up an egregious amount, with some increasing by as much as 76 percent. Lake View Township and Rogers Park are two areas that have already received their property reassessments,” claims Law Offices of Gary H Smith, P.C..
No organized efforts have been made by politicians to incorporate a statewide property tax, but economists warn that politicians would never suggest a measure of this level at midterm elections. Economists warn that such a proposal may have come to light in January or February if not for the question on ballots this year. Nearly 73% of votes blocked the tax, and Lake County voters had a 76% support in stopping the idea of the property tax measure.