COLORADO – The Associated Press is projecting that Colorado voters have rejected Amendment 74.
If passed, state or local governments would have had to provide compensation if any law or regulation impacts the value of a person’s property.
Amendment 74 – Just Compensation for Reduction in Fair Market Value
Supporters argue that property owners should be compensated fairly if their property is devalued in any way due to government activity. They say the current law doesn’t go far enough to adequately protect property owners and it should cover all loss of value caused by government action.
Opponents argue that 74 goes too far, and that taxpayers would be the ones paying for the losses to property values. They also argue this measure would discourage governments to take appropriate action to provide important services that help communities.