Investopedia Markets News (all except PF)

• FedEx is introducing a new same-day delivery service through a partnership with last-mile delivery service OneRail, allowing its retail partners to add same-day shipping as an option.
• A number of companies including Amazon and Walmart are investing in speeding up their delivery options, with Amazon announcing one-hour and three-hour delivery options last week.

American shoppers are about to get even more options to have products delivered on the same day.

FedEx (FDX) on Tuesday announced a same-day delivery service using the shipping giant's new partnership with OneRail, a last-mile delivery service. Customers shopping with FedEx's retail partners will see options for two-hour and same-day delivery, with the packages set to be delivered by OneRail's more than 1,000 driver network that covers around 98.5% of the U.S. population.

Senior vice president of FedEx's digital portfolio Jason Brenner said in a release that the program will "provide our customers with a scaled solution to give the delivery options customers want."

With its latest move, FedEx joins a growing list of companies investing in getting products to American consumers faster.

The new partnership comes just days after Amazon (AMZN) announced new rapid delivery options with one-hour and three-hour delivery of over 90,000 products like cleaning supplies and clothes. Target (TGT) includes same-day delivery with its Target Circle 360 membership, and Walmart (WMT) offers same-day delivery services on a range of grocery items.

Late last year, Walmart CFO John David Rainey said Walmart was considering adding more "dark stores" to its network to help Walmart speed up its e-commerce shipping.

FedEx shares were down less than 1% recently, amid a broader pullback in U.S. stocks. The stock has added close to one-quarter of its value this year so far, after a solid earnings report last week.

• The 'One Big Beautiful Bill' is expected to create serious tax savings and increase refunds when taxpayers file their 2025 taxes this year.
• These changes, however, cut into Social Security funding.
• With fewer taxes coming in to pay for Social Security benefits, the timeline for benefit cuts has accelerated.

When taxpayers file with the IRS this year, most will see either a lower tax bill or a higher refund. While the increased tax savings will feel good for now, the consequences will affect future Social Security benefits.

Lower tax brackets originally established under the 2017 Tax Cuts and Jobs Act would have expired in 2025. However, the 'One Big Beautiful Bill' made these lower tax brackets permanent and created new tax breaks or boosted already existing ones. It also increased the standard deduction and added an additional deduction for seniors.

These changes are expected to lower most taxpayers' bills and increase 2025 tax refunds by about 15% to 20% on average, according to Morgan Stanley economic analysts. In the short term, this will provide tax savings and additional income through refundable tax credits. But in the long term, it could divert funds from the Social Security program.

The Social Security Administration said the changes from the 'One Big Beautiful Bill' will accelerate the depletion of two main trust funds that pay for benefits from the third quarter of 2034 to the first quarter of 2034. After this date, benefits will be cut by about 20%.

The reserves funding Social Security benefits continue to dwindle, and lawmakers are taking little action to resolve the issues. This could result in fewer benefits for retirees and those with disabilities. If benefits are cut, the majority of the almost 75 million beneficiaries say they won't be able to survive financially.

Social Security benefits are funded through two main trust funds: Old-Age and Survivors Insurance and Disability Insurance, often referred to together as OASDI. The funds are made up of a combination of payroll tax contributions, reserves, and taxes on Social Security benefits, which, as of the fourth quarter of 2025, totaled $2.561 trillion.

However, since 2021, the OASDI trust funds have consistently been in deficit, meaning there are not enough payroll taxes coming in to cover the amount Social Security spends on benefits. And with lower tax collections from the 'One Big Beautiful Bill,' the trust funds will shrink even quicker.

Tax changes in the legislative bill mean that seniors who are taxed on their Social Security benefits will pay less into the program. 

"Because the revenue from income taxation of Social Security benefits is directed to the Social Security and Medicare trust funds, implementation of the OBBBA will have material effects on the financial status of the Social Security trust funds," the administration wrote in a report delivered to the Senate in August.

The Social Security Administration's analysis does not account for the effects of the 'One Big Beautiful Bill' on all taxpayers' contributions to Social Security, which could further worsen the deficit.

The tax changes degraded the 75-year OASDI actuarial balance, which measures how much payroll taxes need to increase over the next 75 years for the program to both pay out full scheduled benefits and maintain trust fund reserves. As of 2025, the estimated required payroll tax increase was 3.82%. But after changes from the 'One Big Beautiful Bill,' payroll taxes will need to increase by 3.98%.

Lawmakers and analysts have suggested several solutions to remedy Social Security's funding gap, such as raising the full retirement age, reducing the number of Americans eligible for programs like Supplemental Security Income or Social Security Disability Insurance, and capping annual cost-of-living adjustments.

None of these solutions have been adopted yet, leaving future generations wondering if Social Security benefits will still be there when they retire.

• National average rent growth has stagnated, rising just 0.1% year-over-year in February.
• Elevated vacancies in Sun Belt markets are driving rent declines, while rents are rising in areas with limited new construction.
• Softer rents are helping ease inflation, but rising oil prices may offset this impact.

Rental prices are stagnating after their post-pandemic spike, helping renters’ wallets and giving the Federal Reserve one bit of good news on inflation as the Iran-related energy shock persists.

Softer rents aren’t universal. Some markets where apartment construction was hot during the pandemic—Florida, Texas or North Carolina—are seeing rent prices fall since vacant apartments are putting pressure on rents. It’s a different story in the Midwest and some coastal cities, where rents are rising since fewer apartments have been built.

Analysts see indications that rental prices will remain sluggish, much as in 2025. That’s partly because job growth has been muted, weighing on demand since renters may choose to live with roommates or their parents rather than strike out on their own.

“February is usually a slow month, but the signals do not point to a strong bump in rents in the spring,” wrote Paul Fiorilla, director of research at Yardi Matrix, in the firm’s latest report on rental market conditions.

Slowing rent growth could help cool inflation and shape Federal Reserve policy. For renters, it may mean more negotiating power and modest affordability gains.

The national average advertised rent was $1,740 in February, up just 0.1% compared to last year, according to Yardi Matrix. 

Rents grew by over 3% in Chicago, San Francisco and New York City and a bit less in Kansas City and the Twin Cities. But they fell more than 5% in Austin; more than 3% in Tampa, Denver and Phoenix; and nearly 2% in Charlotte.

“Many of these Sun Belt markets face elevated vacancy after newly constructed apartments opened, putting downward pressure on rents,” wrote Grant Montgomery, national director of multifamily analytics at CoStar Group.

Despite stronger increases elsewhere, an “inventory overhang continues to weigh on rent growth nationwide,” he added.

The spring leasing season will be critical, since those are “the months that could make or break an apartment operator’s year,” wrote Jay Parsons, the author of the Rental Housing Economics newsletter.

Those operators have long been hoping for a better 2026, Parsons wrote, after red-hot markets in 2021 and 2022 cooled and led to slower rent growth. That came as their own costs rose thanks to sharply higher interest rates and rising prices on insurance and maintenance. 

Apartment buildings are no longer springing up left and right, a shift from the “back-to-back-to-back years of ultra-high supply,” Parsons wrote. But the demand outlook was murky to start 2026 and is even more so today.

“The latest job numbers plus potential fallout from the Iran conflict only add to that uncertainty,” Parsons wrote.

For now, the boom in apartment supply is giving renters the upper hand, according to Orphe Divounguy, senior economist at Zillow. 

Property managers are “increasingly competing on price and incentives,” Divounguy wrote. Nearly 40% of rental listings on Zillow offered concessions such as free rent initially or waived fees, Divounguy wrote.

That’s making renting more affordable but only modestly, Divounguy wrote. To comfortably afford the typical rent, a household needs to make about $76,000 annually, he wrote, or $20,000 higher than pre-pandemic levels.

“Elevated vacancy, continued apartment completions and more single-family homes entering the rental market are expected to keep national rent growth in check, although local conditions will vary,” Divounguy wrote.

The sluggish rental market is putting downward pressure on inflation, at a time when the Iran conflict raises the risk of commodity prices rising sharply again. 

Continued softening in rents could be welcome news for the Fed, which has struggled to get inflation back to its 2% target following a price spike in 2021 and 2022. Weaker rents could help put the Fed back on a more dovish path.

Markets last week scrapped their earlier views that the Fed would cut interest rates again this year, as the oil shock threatens to push prices up again for some time. 

But weaker rental markets may provide a cushion. Rental conditions take a long time to show up in inflation data, given significant lags and quirks in the data. But they did indeed show up in February’s numbers, helping bring the Consumer Price Index to an annual rise of 2.4% in February—down from a peak of nearly 9% in June 2022.

The reading “confirmed continued deceleration” in shelter prices, wrote Michael Gapen, chief U.S. economist at Morgan Stanley. The category accounts for about a third of the CPI index and includes both rents and owners’ equivalent rent, an estimate of what homeowners would pay if they were renting their homes.

“We think it is increasingly clear that rent inflation will soften over the rest of 2026,” they wrote. 

Rising oil prices, however, might negate that impact. Inflation closer to 3% is “here to stay,” wrote Andy Schneider, senior U.S. economist at BNP Paribas, since the oil shock will keep inflation elevated for some time and “essentially cancels our lower rent inflation estimates.”

Others are more optimistic that inflation will resume its descent later this year. 

Higher oil prices will no doubt push up inflation in the near-term, wrote Ryan Swift, chief U.S. bond strategist at BCA Research. But “those pressures should abate within the next few months, while the downtrend in shelter inflation will persist,” he wrote.

News of the day for March 24, 2026

Stocks are pointing to a muted open Tuesday following a rally to open the week after President Trump said talks to end the Iran war are ongoing; Crude oil futures are rebounding as Iranian officials disputed Trump's claim, with missiles still being launched in the region early Tuesday; Jefferies stock is soaring amid reports of potential takeover interest; Tesla notched its first monthly sales gain in Europe in over a year in February; and GameStop's latest earnings report are due after the bell, in the latest test of investors' interest in meme stocks.

Here's a rundown of what to watch today. Follow Investopedia's live markets coverage all day here.

Stock futures are little changed after surging yesterday following comments from President Donald Trump that talks with Iran to end the war are ongoing. Futures tied to the Dow Jones Industrial Average and S&P 500 were recently down less than 0.1% apiece, while those tied to the tech-heavy Nasdaq were rising by a comparable amount. All three major indexes posted gains of more than 1% Monday. Crude oil futures are back on the rise after tumbling yesterday amid optimism that the Iran war could end soon, recently trading up nearly 3% to above $90 a barrel. Gold futures are inching higher, to $4,400 an ounce, as the precious metal looks to stop a slide driven by inflation and interest-rate-hike fears. The 10-year Treasury yield, which impacts rates on a variety of consumer loans, is up to 4.37% from yesterday's close of 4.35%. Bitcoin is trading just above $71,000.

Crude oil futures are gaining Tuesday after sinking just over 10% Monday following a social media post from Trump that said "productive conversations" with Iran are ongoing and the U.S. military would postpone attacks on Iranian power plants that he previously threatened. Iranian officials disputed the claim, telling media in the country that no talks had happened yet. The conflict was still ongoing as of Tuesday morning, as Israeli officials said missiles from Iran had recently struck the city of Tel Aviv and other countries in the region.

Shares of Jefferies Financial Group (JEF) are jumping more than 7% Tuesday morning following a report from The Financial Times that Japanese firm Sumitomo Mitsui Financial Group (SMFG) is considering a takeover of the American investment bank. A subsidiary of SMFG already holds a minority stake in Jefferies, per the report. Entering Tuesday, Jefferies stock has lost more than 30% of its value since the start of the year. Jefferies executives may address the report soon, as the company is scheduled to post first-quarter earnings after the market closes Wednesday.

Tesla (TSLA) got a bit of good news Tuesday, as new vehicle registration data in Europe showed that the electric vehicle maker in February posted its first month of positive year-over-year sales growth in the region since Dec. 2024. A total of 17,664 new Tesla vehicles were registered across the European Union, the United Kingdom, Iceland, Liechtenstein, Norway and Switzerland in February, up about 12% from Feb. 2025. Tesla's sales have struggled in many of its key markets in the past year as the EV maker faced backlash over CEO Elon Musk's involvement with the Trump administration, along with a broader weakening of the EV market. Chinese rival BYD still outsold Tesla in February with nearly 18,000 registrations, up more than 160% year-over-year. Tesla shares were little changed ahead of the open.

This evening may test investor interest in meme stocks in a busy time for markets, as GameStop (GME) is scheduled to post fourth-quarter earnings after the closing bell. While the holiday-season quarter is typically the strongest for retailers, GameStop could report another decline in sales, as it did last quarter and in the fourth quarter a year ago. The company has looked to reinvent its business under CEO Ryan Cohen, who took over in 2023, with a focus on bitcoin and collectibles like trading cards. GameStop shares were about flat premarket, and are up about 15% so far this year.

Market experts suggest a contrarian approach might make more sense than following the crowd.

• Investor fear gauges including the VIX have backed off their extremes, but remain elevated amid worries about the ongoing war in Iran.
• Tensions in the Middle East have driven crowding into trades perceived as "working" lately, according to Goldman Sachs.
• Those trends could leave opportunities for investors who take a contrarian approach, researchers at SentimenTrader said.

Sometimes it pays to bet against the crowd.

As warring in the Middle East stoked investors' anxieties in recent weeks, many have piled into the same trades. The U.S. dollar is in, while gold is out. Energy is hot and consumer discretionary stocks are not. Yet President Donald Trump's latest update on talks with Iran appears to have rewarded those who took a different approach.

There might be a lesson in contrarian investing in Monday's price action as some choices that worked in the past few weeks stopped performing, while others that suffered recently, rallied. Oil prices fell, U.S. large-cap stocks rose, and the U.S. dollar gave back some gains. In that way, investors may want to take their chances against the crowd, buying when others are selling, and vice versa, according to some market experts.

As markets whip, investors might be better off taking a contrarian approach rather than following the crowd, according to some market experts.

Concerns about inflation, and a possible lack of growth, have weighed on risk appetite, according to Goldman Sachs. The evidence: Active portfolio managers' allocation to U.S. equities have "sharply decreased" over the past few weeks, while asset managers' have raised their hedging positions through VIX options.  The S&P 500 rose about 1% Monday, and the VIX fell about 2%.

Gold exchange-traded funds have also seen "large outflows" and investors appear to be pricing in the possibility of upside in the U.S. dollar.

"Investors have rotated into the safe havens which 'worked' from those that did not," Goldman's portfolio strategists including Christian Mueller-Glissmann said in a report published Monday.

A report last week from SentimenTrader showed that more than 50% of S&P 500 consumer discretionary stocks were down 20% from recent peaks—an indicator to buy, according to the research firm.

"The last time this signal was triggered was on Nov. 20, 2025 and XLY rallied by more than 10% over the following month," the report said, referencing the State Street Consumer Discretionary Select Sector SPDR Fund (XLY) which tracks that group of S&P stocks.

"This sets up a textbook asymmetric risk/reward scenario for investors willing to step in while sentiment is washed out," the firm wrote.

• Monday's big rally saw the Russell 2000 Index of small-cap stocks outpace the S&P 500's gains.
• The move extends a trend of outperformance from small-caps this year.

Are small-cap stocks finally getting their moment to shine?

The Russell 2000 Index of small-cap stocks rose more than 2% Monday, ahead of the S&P 500's 1.2% gain, amid a broad market rally after President Donald Trump touted "productive conversations" with Iran.

The move extends a trend of outperformance from small-caps this year, thanks in part to increased volatility and expectations of stronger earnings relative to large-caps. The S&P 500 is down over 3% this year so far, compared to the Russell 2000's roughly 1% rise.

The outperformance from small caps to start the year could suggest growth is finally broadening beyond the biggest stocks, which dominated earnings gains and returns for the major indexes in recent years.

Though some experts are already warning Monday's rally on hopes of a coming resolution in Iran could be short-lived, small-caps could still outperform against a longer backdrop of heightened geopolitical uncertainty. Small-caps are generally "better positioned for elevated volatility," Bank of America analysts told clients in a note earlier this month. Value stocks are also seen faring better than growth stocks amid a risk-off environment, the analysts said.

Consensus estimates suggesting earnings for small-cap companies could exceed those of large-caps this year have added to optimism around smaller stocks.

While the war in Iran has dimmed the chances of a rate cut this year, small-caps could stand to get a boost if the war ends and the Federal Reserve eases rates—as it was seen doing before the war started. Markets are currently pricing in a 14% chance the Fed will cut rates at least once before the end of the year, up from 7% on Friday, according to CME's FedWatch tool based on fed funds futures data.

For more from Investopedia on today's market moves, click here.

Episode 287 of the Investopedia Express podcast with Caleb Silver (March 23, 2026)

Subscribe Now: Apple Podcasts / Spotify / PlayerFM

With no clear resolution to the war in Iran in sight, rising oil prices have already had a cascading effect on economic growth which is barreling into the stock market. We break down the spike in prices across sectors, and the dislocation inside the capital markets with Liz Ann Sonders, Chief Market Strategist for Charles Schwab. Plus, investors have turned decidedly bearish at last, just in time for the business news magazines to flash their latest covers of despair. That’s usually a bullish indicator, but we are living in very unusual times.

• Synopsys shares gained Monday following news that activist investor Elliott Investment Management has built a stake in the company.
• Elliott Managing Partner Jesse Cohn said the chip design software maker could be "uniquely positioned to benefit" from developments in AI, and that Elliott looks forward to engaging with Synopsys.

A major Nvidia partner has become the latest target of an activist investor, sending its stock higher Monday.

Elliott Investment Management has taken a multibillion dollar stake in Nvidia (NVDA) partner Synopsys (SNPS), and plans to push the company to make changes aimed at raising its profitability, according to a person familiar with the matter. Shares of Synopsys were up nearly 4% in recent trading, making it one of the best-performing stocks on the Nasdaq following the news.

Elliott Managing Partner Jesse Cohn told Investopedia the chip design software maker could be "uniquely positioned to benefit" from developments in AI, and that Elliott looks forward to engaging with Synopsys.

"Given the essential nature of its platform and these structural tailwinds, we believe there is a clear opportunity for Synopsys’s financial performance to more fully reflect the value it delivers," Cohn said in a statement.

Synopsys declined to comment on Elliott's stake. A company spokesperson said its opportunities and product roadmap "have never been stronger" following recent acquisitions, including last year's $35 billion Ansys deal.

Involvement from activist investors, who tend to push for changes at the companies they invest in, can boost a stock as investors grow more bullish about potential benefits to the business.

Elliott has taken stakes in a wide range of companies in recent years, from PepsiCo (PEP) to Southwest Airlines (LUV), Honeywell (HON), Lululemon Athletica (LULU), and a number of oil and gas companies.

Its support could help boost confidence in Synopsys, which counts AI giants such as Nvidia among its investors and customers. Nvidia announced a $2 billion investment in the company in December. That partnership helped Synopsys shares recover some of their losses in the wake of disappointing quarterly results, though they've remained well off last July's highs.

Even with Monday's gains, Synopsys shares are still down about 7% since the start of the year.

• Oil prices tumbled on Monday after President Trump said he would postpone imminent attacks on Iranian energy infrastructure amid "productive conversations" aimed at resolving the three-week-old U.S.-Israeli war on Iran. (Iranian officials denied the existence of talks.)
• Stocks surged on Monday, but some experts were wary of piling into the latest "TACO trade" without more details.

Wall Street is breathing a sigh of relief—for now.

Oil prices plummeted Monday after President Donald Trump said on Truth Social that he had delayed attacks on Iranian energy infrastructure after a weekend of “very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.” The price of Brent crude, the global crude oil benchmark, tumbled as much as 10% after Trump’s announcement. A single barrel, at $114 overnight, was recently around $102. 

Surging oil prices threaten to aggravate inflation, adding to the pressures on U.S. consumers. Inflation and the cost of living are expected to key concerns for voters in November's midterm elections, which will decide control of Congress and, thus, how freely the president can pursue his agenda.

Trump on Saturday threatened to “obliterate” Iran’s power plants if the regime did not reopen the Strait of Hormuz, which has been effectively closed since the U.S. and Israel began strikes late last month. Iran responded with threats to ramp up its own attacks on energy, tech, and desalination infrastructure used by the U.S. across the region.

The Strait of Hormuz has become the key chess piece in a conflict now entering its fourth week. Experts say the closure of the strait, through which about a fifth of the world’s oil and liquefied natural gas passed prior to the war, constitutes one of the largest disruptions to global oil supply in history. Even with Monday’s declines, oil prices are up nearly 40% this month. That has pushed up gas prices, which have risen about 33% since the war began.

Economists fear a prolonged shutdown of the strait would lift prices for more than just gas. The strait is also a vital link in pharmaceutical and agricultural supply chains. Far-reaching price pressures from the conflict, they warn, put the U.S. on a perilous path toward stagflation, which could tie the Federal Reserve’s hands as it seeks to return inflation to its 2% target without pressuring a wobbly labor market. 

Trump’s backtracking appeared to some like classic Trump. “The TACO trade is in full effect this morning,” wrote Jay Woods, chief market strategist at Freedom Capital Markets. TACO refers to “Trump always chickens out,” a phrase and acronym coined last year to describe the president’s habit of moderating his positions, primarily on trade, in response to chaos in financial markets. As in past TACO reversals, stocks were sharply higher Monday. (Follow our live markets coverage here.)

Iran’s Foreign Ministry on Monday reportedly denied being a part of any negotiations with the U.S., raising some doubt about the likelihood of a resolution to the conflict this week. Trump dismissed Iran’s denials and insisted American and Iranian negotiators had “major points of agreement.”

Some strategists are waiting for clarity before jumping on the TACO bandwagon. Uncertainty about what comes after the five-day reprieve “may prevent a stronger and more lasting rally,” said Woods.

Experts also warn that, even if the U.S. and Iran call a truce and the Strait of Hormuz is reopened, it could be some time before oil prices return to pre-war levels; they were broadly below $80 for much of this year. Attacks on energy infrastructure across the region, including the world's largest natural gas export facility, could keep Middle East oil and gas output depressed while demand increases as countries race to replenish the strategic oil reserves they've depleted during the conflict.

• Montana and North Dakota have lowered property taxes in their states, which had been rising along with soaring home values.
• Several other states, including Florida, Ohio and Kansas, are also looking at ways to reduce or eliminate the taxes charged based on home values.
• Some states are also trying to replace funding lost from property tax collections, which are often used to pay for schools and other essential services.

Homeowners in Montana and North Dakota are set to see a drop in their property taxes. And they may not be alone as the political movement to lower—or eliminate—state property taxes on primary residences gains steam.  

Property taxes have increased by 30% nationally since 2019, as home prices have skyrocketed since the pandemic, making it harder for some homeowners to afford where they live. To counter this trend, at least seven states have legislators or taxpayer groups pushing proposals to reduce property taxes for permanent residents.

Rising property taxes hurt household budgets and housing affordability, especially when home values climb faster than incomes, forcing some owners to pay more each year simply to stay in their homes. Changes to property tax policy can shift home prices, rental demand, and local government finances, influencing everything from real estate returns to school funding and municipal bond stability.

Last year, Montana enacted legislation that would significantly lower taxes on homeowners’ primary residence for the 2025 tax year, while North Dakota also approved reforms to cut property taxes for 2025.

Now, voters in Florida could soon have the chance to reform property taxes after a proposal in the state’s legislature moved forward earlier this year. Similar plans are in the works in several other states.

Home prices have increased 55% nationwide since the pandemic. And since property taxes are determined by a home’s value, many American homeowners have seen a dramatic jump in their tax bills.

Reducing property taxes would make owning a home cheaper in those states, but the proposals are also stirring debate over whether local governments that rely on the revenue could be shortchanged in their budget process. Lower property taxes could also drive home values higher, which would be good for owners, but could make it even harder for first-time homebuyers to enter the market.

Here are the states where proposals to lower property taxes have been successful or are gaining momentum:

New property tax laws here will deliver a tax cut to 80% of residential property owners in the 2025 tax year—the average being $500—while another 10% of homeowners won’t see any tax increases, Gov. Greg Gianforte said.

Not only does the plan deliver a tax break for homestead properties, which are defined as an owner’s primary residence, it will also deliver a tax break for long-term renters in homestead properties. However, owners of vacation homes and other non-homestead properties will face a tax increase of 68% from 2024 to 2026, the state’s Department of Revenue estimated.

After Gov. Kelly Armstrong called for property tax relief in his 2025 State of the State address, the legislature followed through to expand the homestead property tax credit to $1,600 from $500. The revenue will be made up by the state’s Legacy Fund, which is capitalized through taxes on the state’s sizable oil production revenues.

“Homeowners will see a significant, immediate impact,” Armstrong said. “And it will put the bulk of primary residences on a path to zero [property taxes] within the next decade.”

Late last year, Ohio passed legislation that would cap property tax increases at the rate of inflation. Still, some Ohio residents want further reductions, and a citizens’ movement to repeal property taxes is working to collect the 400,000 signatures needed by July to put it on the 2026 ballot.

Gov. Ron DeSantis threw his support behind eliminating the homestead property tax in the Sunshine State late last year.

Now, the legislature is debating a proposed ballot item that would increase the exemption for homestead properties by $100,000 a year over the course of the next 10 years, eventually eliminating homestead property taxes altogether. Property taxes that are used to pay for schools would remain in effect, however. The proposal will need the approval of 60% of voters. 

The initiative could pose a problem for Florida homebuyers, however—a Realtor.com study showed that eliminating the property tax there could drive home prices higher by up to 9%.

Since property taxes are often used to fund schools and other basic local services, some argue that property tax cuts should be accompanied by measures to replace the revenue.

But Pennsylvania Rep. Russ Diamond took a different approach in support of his legislation that would put the elimination of property taxes on that state’s ballots. Diamond argued that property taxes were a violation of personal liberty that should be repealed and his proposal would give the state legislature five years to figure out how to replace the funding. 

“That question is entirely secondary to the objective of securing our right to true liberty by eliminating real property taxes,” Diamond wrote in a blog post. “The rest is merely a math problem, which you can assign to your servants—the Pennsylvania General Assembly—to figure out.”

A proposal in the Sunflower State would create a new fund designed to help pave the way for reductions in property taxes. The bill would repeal some state sales tax exemptions to create a source of revenue for the fund, which would then be used to lower or repeal property taxes once the fund becomes large enough. So far, the measure hasn’t moved forward in the Kansas legislature.

Lawmakers in this state have introduced legislation that would exempt homeowners from property tax if they’ve lived in their house for 30 years or longer.

Other states have also considered eliminating property taxes. The Missouri legislation didn’t advance a 2025 bill that would have put a plan to replace property taxes with sales taxes on the ballot. The Indiana and Oklahoma legislatures have also so far failed to move forward with property tax bills.