Florida Voters Back Path to End Property Taxes
Homeowners and state budgets face shifts as voters in several states approve or reject taxes on wealthy households and property.
Updated on Nov. 5, 2026 in Taxes
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Should wealthy households and corporations pay higher state taxes to fund public services?
Voters in several states decided tax measures on November 4, 2026, with Colorado, Washington, and California backing or protecting taxes on high earners while Florida voters approved a pathway to eliminate non-school property taxes. Wyoming voters rejected a homeowner property tax exemption, and California voters defeated Prop 40, a proposed one-time tax on certain large assets.
Why it matters
State budgets are under pressure from slowing revenue growth and deep federal cuts to health care and food assistance under the 2025 reconciliation law, shaping how households are taxed and which public services they can count on. Ballot results are determining whether states keep or limit their ability to raise revenue in the years ahead.
Wyoming voters rejected a homeowner exemption that would have cut up to $125 million a year from local schools and emergency services, while Florida's approved pathway to end non-school property taxes carries a projected $12 billion annual revenue loss. California's defeated Prop 40 would have applied a one-time 5 percent tax to assets above $1 billion.
The players
Colorado voters
Voters deciding whether to raise taxes on wealthy households and corporations, which affects state revenue and the tax bills of high earners.
California voters
Voters who extended higher income taxes on top earners and defeated Prop 40, a one-time tax on assets over $1 billion.
Washington voters
Voters who rejected repealing the state's millionaires tax and banning future state income taxes, keeping that tax in place.
Florida voters
Voters who approved a measure creating a pathway to eliminate non-school property taxes, which would shift homeowner tax burdens.
Wyoming voters
Voters who rejected a homeowner property tax exemption that would have reduced local school and emergency services funding.
The details
Ballot measures change state revenue by altering which income, property, and asset holders pay and how much. Florida's approved pathway would shift the property tax burden on homeowners away from local government funding, while the rejected California proposal would have taxed only very large fortunes. Donor spending of hundreds of millions of dollars helped shape these campaigns, and a constitutional amendment in California likely makes future wealth taxes harder to enact.
Timeline
November 4, 2026: Colorado, Washington, California, and other states voted on ballot measures.
Earlier in 2026: Maine, Rhode Island, and Hawai'i passed millionaires taxes.
2025: The reconciliation law made historically deep health care and food assistance cuts.
Money Landscape
The 2025 reconciliation law's health care and food assistance cuts have added budget pressure on states already facing slowing revenue growth. Voters' 2026 decisions on taxes for the wealthy and property taxes will determine how much flexibility states retain as those pressures build.
Households in states that approved or kept higher taxes on top earners may see those rules continue, while homeowners in Florida face a path toward eliminating non-school property taxes that could change local funding. Renters and lower-income households may face more reliance on sales taxes and fees if states limit other revenue sources, so it is worth reviewing your state's tax structure with a qualified tax professional.
The takeaway
States are losing flexibility to raise revenue as federal cuts and slower growth converge, which makes ballot-measure outcomes a key signal for future tax bills. Track your state's budget decisions in the coming year and discuss any changes to your tax situation with a qualified tax professional.
Further reading
For broader context on how these measures fit into federal and state tax rules, explore our Taxes coverage.
Source note: This article includes information reported by Center on Budget and Policy Priorities.
Live Poll
Should wealthy households and corporations pay higher state taxes to fund public services?
