Tomorrow is Election Day, and for property owners some of the biggest decisions are further down the ballot. Twelve statewide property tax measures go to voters in seven states. Here are three numbers worth knowing before Tuesday, and what history says about elections and commercial real estate. Next Monday, I will cover what passed.
This Week in CRE, in Three Numbers
1. 12: Statewide property tax measures on Tuesday's ballot, in seven states
Voters in Florida, Georgia, Louisiana, North Carolina, Oklahoma, Tennessee and Wyoming will decide 12 property tax measures, four of them homeowner exemptions. From 2020 through 2025, voters approved 45 of 58 statewide property tax measures.
Source: Ballotpedia
2. $250,000: Florida votes on a much bigger homestead exemption
Amendment 3 would raise Florida's homestead exemption for non-school taxes to $150,000 in 2027 and $250,000 in 2028. For investors, it also cuts the yearly cap on assessment increases for rentals and commercial property from 10% to 5%. It needs 60% of the vote.
Source: NBC Miami
3. 0.9%: How far office leasing dips in election years
Office leasing volume in election years is only 0.9% lower than in nonelection years, per JLL data. Bisnow's 2024 review of the data found election season has had little to no impact on commercial real estate.
Source: Bisnow
The Takeaway
Tuesday's ballot carries 12 statewide property tax measures, and past elections have done little to commercial real estate activity.
Your Read
What on your ballot could change how you invest in property?
