COLORADO — A statewide ballot issue asking voters to decide on a property tax reduction proposal appears to be failing by a wide margin. Unofficial results from counties show the measure defeated with about 60 percent of voters rejecting it.
Home values have been rising significantly in Colorado, in some places more than 40 percent.
Proposition HH, which lawmakers referred to voters, was a proposal that drew vocal opposition as it made its way through the capitol earlier this year. There were a few items included in the question, part of it would have given property owners some reduction in their home's value and kept a portion of money typically refunded to voters under the Taxpayer's Bill of Rights (TABOR).
Despite Tuesday night's results, homeowners will still see a slight reduction in their home's assessed value, which is used to calculate property taxes. In 2022, state lawmakers passed a bill reducing the assessed value in tax year 2023 by $15,000.
Proposition HH would have reduced a home's assessed value by $50,000 in 2023 and $40,000 each tax year through 2032. As a way to try and backfill the state's budget, the question was asking if the state could keep a portion of TABOR refunds, which drew criticism from opponents of the measure.
The measure would have also reduced the assessment rate, which is used to calculate a property's assessed value.
In 2020, Colorado voters approved a repeal of the state's Gallagher Amendment, which typically lowered the assessment rate to keep the state's property tax base at a 45/55 split, with homeowners making up 45 percent and non-residential properties making up the remainder. Had voters not repealed it, supporters argue it would have lowered the assessment rate even further than the proposals from lawmakers.
TABOR refunds will still be coming to Coloradans even with Proposition HH failing, it will mean some Coloradans will see less than they would have had HH passed.
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