A Democrat proposal to lower property tax rates while reducing TABOR refunds is on track for a vote in November.
Colorado residents need property tax relief, and we reiterate our appeal to the Governor to convene a special legislative session to address this issue immediately
The Conservative coalition has filed a lawsuit to block the proposal, saying it is too broad and unconstitutional. But on Friday, a Denver judge denied their motion, allowing the initiative to be put on the ballot, at least for the time being. Advance Colorado is considering the possibility of proposing a competing property tax cut in the fall election. The referendum will ask voters to approve a 10-year plan that will transform government finances by billions of dollars. If adopted, the property tax rate will be reduced. At the same time, it would also reduce the amount that Colorado taxpayers would receive in TABOR refunds.
Lawmakers passed a bill known as Proposition HH this spring, with the support of Gov. Jared Polis. Voters need to approve the bill in November for it to become law
The move would also change the formula set out in the Taxpayers’ Bill of Rights (TABOR) that determines how many taxpayers a state can retain over the next 10 years. Proponents say the bill if passed, could change the formula that determines the amount of property tax a property owner must pay, saving owners hundreds of dollars a year. A flatter reimbursement mechanism means that low-income Colorado residents will receive more reimbursement, while high-income households will receive less.