Historian David Kaiser asks whether a property qualification for voting would be Constitutional:
It occurred to me this morning that the solution to Republican electoral problems is, when you think about it, obvious, and a friend of mine from a red state pointed out that a Tea Party leader has already mused about it, back in the heady days of 2010. The solution, which has a rich tradition in western and US history, is a property qualification for voting. And what is rather shocking is that there does not seem to be anything in the Constitution to prevent it.
Clearly, there is nothing in the basic, or even 10-amendment, Constitution — at least as originally understood — that would prevent a state from imposing a property qualification. Several states had them in the early years of the Republic (just as at least one had an established church for several years). I think the main federal issue would be whether the Equal Protection Clause of the 14th Amendment, as currently understood, would block a property qualification. There would, undoubtedly, also be state constitutional law issues in many states.
I’m not an Equal Protection expert by any means, but my knee-jerk reaction is ‘of course that isn’t Constitutional’. That said, it’s not explicitly barred, which I suppose means that were the Court to treat the question doctrinally, it would apply strict scrutiny. I don’t see how a state would come up with justifications for a property requirement that would survive strict scrutiny, but I’m open to correction on anything in this last paragraph by people who actually know stuff.