Voters will see a broad and eclectic variety of tax measures in the November election, with potential impact not only on residents’ pocketbooks, but on the services that are provided to them. 

According to a September 24 analysis by Ryan Hecker, a policy associate in National Conference of State Legislatures (NCSL) Fiscal Affairs Program, voters in thirty states will see tax measures on their ballot. According to his count, there are 15 proposals that affect property taxes and 11 that are focused on the income tax. Hecker’s article explains that “other measures address sales and excise taxes, tax governance questions and changes to voter thresholds in future elections.”

The property and income tax measures make up a political mixture with some states having dueling measures, particularly involving the controversial topic of increasing tax revenue from high earners and very rich individuals.

The tax pursuit of the wealthy

Proposition 40. the 2026 Billionaire Tax Act, is one of a handful of tax measures on California’s November ballot. It stems from a citizen initiative and seeks “to impose a one-time tax of up to 5% on taxpayers and trusts with covered assets valued over $1 billion.”

One aspect of the act would levy this tax retroactively on anyone who lived in the state as of January 1, 2026.

According to the Legislative Analyst’s Office (LAO), the passage of this proposition would increase state revenues by “tens of billions spread over multiple years,” with 90% of the money going to healthcare and 10% to “food assistance or education-related programs.” 

The NCSL article also notes the potential of a longer-term ongoing revenue decline if the new tax results in billionaires leaving California. 

On the November ballot, voters will also find Propositions 41 and 42, which “would nullify Proposition 40.”

Meanwhile in Washington, Initiative 645 seeks to repeal the recently enacted 9.9% tax on annual individual income over $1 million, which was to start in 2028.  The repeal is estimated to remove about $11.4 billion in estimated tax revenue that was expected in the five years that followed implementation. 

Other proposed income tax changes

Another income tax measure this year focuses on the shift from a flat tax to one that applies marginal rates based on income. In Colorado, Amendment 87 would replace the state’s flat 4.4% income tax, with marginal rates levied at 3.71% to 8.41% depending on income. The additional $2.7 billion that would bring in for fiscal year 2028 “would be spent on K-2 public school education, healthcare and early childcare and education program.” 

In this case, as with Proposition 40 in California, another measure on the ballot, Proposition 136, would “nullify Amendment 87.”

In California, which has had a progressive income tax structure since the 1930s, Proposition 3, the “Children’s Education and Health Care Protection Act” would keep in place top marginal rates of 10.3% to 12.3% for high earning individuals, which voters approved in 2012, but were set to expire in 2031.

According to the California Secretary of State Voter Education Guide, the tax  affects individuals who earn more than $371,000 (adjusted annually for inflation). By making a temporary tax increase permanent, the state would continue to see between $5 billion and $10 billion of state revenue, with those two extremes depending on stock market performance.

A tax bite into local revenues 

Property tax revenues dramatically benefit cities, counties, and special districts, as well as schools. So, the greater number of measures related to property tax in November results in an outsized effect on localities. Although this point is not made in the NCSL analysis, its list of November 2026 tax measures suggest that items referred to a public vote by state legislatures, may have a greater tendency to constrain the taxing power of local governments rather than to eat dramatically into state revenues.

Several of these measures stem from a desire to increase property tax homestead exemptions. In Wyoming, Initiative 1 exempts half of property value for a qualifying homeowner’s primary residence. Ballot text notes that this could “decrease revenue by nearly $93 million in fiscal 2028 and more than $95 million in fiscal 2029.” 

In Louisiana, the legislature seeks input from voters on Amendment 5, a Senior Homestead Tax Exemption. In this case, the legislature has proposed a constitutional amendment, which adds to the tax exemption for property owners who are at least 65 years old and whose property already qualifies for the exemption. 

Up to a point, the change would add an increase to the amount of the exemption as age increases.  “The legislative Fiscal Office estimates the measure would result in an indeterminable but significant decrease in ad valorem tax revenues to local taxing authorities under the assumption that the exemptions are approved through local elections,” according to Hecker’s article.

In Florida, Amendment 3 on the November ballot, which was referred by the legislature, is titled “Save Our Homes from Excessive Property Taxes”.

This measure would raise the homestead exemption (except for school district taxes) to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments going forward.  It also provides a reduction to the annual cap for non-homestead assessment increases, dropping that from 10% to 5%.

These changes would result in an estimated $4.95 billion reduction of non-school property tax dollars in 2028 and $8.78 billion in 2029. “The fiscal impact at the state level is projected to be insignificant,” the NCSL analysis notes. 

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