(NewsDakota.com) – Voters in North Dakota will soon decide on Initiated Measure 4, a proposal that would prohibit state and local governments from levying taxes on the assessed value of homes, with limited exceptions. The measure would allow taxes only to pay off bonded indebtedness and introduce new limits on how much debt political subdivisions can take on, a media release states.

If approved, the measure would set the debt limit for counties, cities, and towns at 2.5% of the value of real property in their jurisdiction. Cities could raise this limit to 4% through a two-thirds vote, and school districts could increase it to 5% with a simple majority. The initiative also includes provisions for additional debt related to water and sewer projects.

Supporters argue that this measure would provide significant tax relief. End Unfair Property Tax, the group backing the initiative emphasizes that property taxes are burdensome and unfair. Former State Rep. Rick Becker (R), the initiative’s sponsor, said, “The ability for the government to take away something you should rightfully own is improper. This is an opportunity to offer real tax relief for citizens by eliminating property taxes.”

Opponents, however, caution against the measure’s financial implications. Keep it Local ND, a coalition opposing the initiative, warns that the state would need to replace more than $1.3 billion in lost revenue annually. “This measure would be detrimental to our economy and essential services,” the group stated, adding that the measure lacks a clear plan to compensate for the revenue loss.

A similar measure, Initiated Measure 2, appeared on the ballot in 2012 and was soundly defeated by voters, with 76.54% voting against it.