Property tax rules saw notable changes in 2025, impacting taxpayers at both state and local levels. Among the most significant updates were Indiana’s comprehensive property tax overhaul which reshapes tax caps and exemptions, and Ontario’s continued revaluation freeze which keeps assessments locked into 2016 values. Below is a recap of new legislation and policy actions from 2025.
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United States
Florida: Modernized Appeals Process
Florida enacted HB 7031 to streamline property tax appeals:
- Signed and effective in 2025
- Increases filing fees for Value Adjustment Board petitions
- Adds enhanced notice requirements and options for electronic hearings
- Clarifies deadlines for contesting assessments in circuit court, improving certainty for taxpayers and local governments
Indiana: Comprehensive Property Tax Overhaul
Indiana passed one of the most significant property tax reforms in recent history:
- Signed and effective in 2025
- Introduces a phased-in deduction for residential non-homestead properties under the 2% tax cap, starting at 6% in 2025 and reaching 33.4% by 2030
- Raises the small taxpayer exemption from $80,000 to $2M in acquisition cost (effective January 1, 2026)
- Grants counties authority to raise local income tax rates and allows cities to establish local income taxes—a first for Indiana
- Exempts certain new properties from the 30% floor unless located in a TIF area
Missouri: Lower Personal Property Assessment Ratio
Missouri enacted HB 903 to reduce the tax burden on personal property:
- Signed in 2025
- Lowers the assessment ratio from 33% to 18%, phased in over three years starting in 2025
- Expected to significantly reduce tax bills for vehicle owners and equipment-heavy businesses
North Carolina: Shorter Revaluation Cycles
Several North Carolina counties adopted shorter revaluation cycles in 2025 to address rapid property value growth:
- Wake County – Voted in March 2025 to move from a four-year cycle to a two-year cycle; next revaluation effective January 1, 2027
- Duplin County – Adopted a five-year cycle after its 2025 revaluation
- Johnston County – State-mandated reappraisal by January 1, 2025; continues on a four-year cycle
- Buncombe County – Maintains a four-year cycle, though its 2025 revaluation was delayed to 2026 due to Tropical Storm Helene
These changes aim to reduce “sticker shock” and improve fairness by aligning assessed values more closely with market conditions
Canada
Ontario: Province-Wide Revaluation Freeze; Toronto Industrial Relief
Ontario reaffirmed it’s province-wide property revaluation freeze in the 2025 Fall Economic Statement:
- Property taxes remain based on 2016 assessed values, despite significant market appreciation
- The freeze delays reassessments that would normally occur every four years, impacting fairness and revenue distribution
This continuation is one of the most impactful property tax policies in Canada, effectively locking in outdated valuations for nearly a decade
Toronto introduced a new program in 2025 to support manufacturers and exporters:
- Offers industrial property tax deferrals to provide tariff relief
- Aims to help businesses remain competitive amid global trade pressures
Take a Proactive Approach to Property Tax
Consult with DMA’s valuation experts to review your property holdings and protect against inequitable assessments—past, present, and future.