NEW YORK (CNNMoney) -- Voters in North Dakota, where the economy is swelling with money from the oil boom, are going to the polls Tuesday to possibly get rid of property tax in the state.
North Dakota boasts the lowest state unemployment rate in the country and has become the nation's second-biggest oil producer. As a result of the energy rush, government coffers are flush with revenue. The proposal, known as Measure 2, would amend the state's constitution. If it is approved, North Dakota would be the only state without a property tax, according to the Tax Foundation, a research group that advocates for lower taxes. Property tax is assessed based on the estimated value of a property. It is typically the source of a steady stream of revenue to fund government projects. At the same time, anti-tax advocates often identify it as a burdensome hit to homeowners. Charlene Nelson, head of Empower the Taxpayer, the grassroots organization pushing Measure 2, said eliminating the tax is something her organization has been gunning for over the past five or six years. Nelson said the tax is unfair and pushes many local citizens out of their homes because they are on fixed incomes or have lost their jobs. The state government has plenty of money to offset the $800 million in annual revenue that will be given up if the property tax is abolished, she argued. The economic boost of the new oil boom makes this the perfect time for North Dakota to finally approved the measure, she said.