Colorado voters rejected Proposition HH, a property tax relief and education-funding measure pushed by the state's Democratic leaders. Over 60% of voters rejected the measure, which aimed to address large property tax increases expected next year. The defeat marks the second time in four years that voters have rejected attempts by state Democrats to raise spending limits under the Taxpayer's Bill of Rights. Supporters argued that the measure would provide relief from property tax increases and boost education funding, while opponents saw it as an end-run around the TABOR amendment. The outcome leaves uncertainty about the pathway forward for property tax relief in the state.
Colorado Governor Jared Polis signed a bill aimed at providing property tax relief to homeowners, which now requires voter approval. The new law would result in lower property tax increases but also less of a refund under the Taxpayer Bill of Rights. Many residents saw their property tax values skyrocket last year, with increases ranging from 30% to 70%.
Colorado Governor Jared Polis signed Senate Bill 303 into law, which will provide property tax relief to homeowners and non-residential property owners over the next decade. The bill will also allow older Coloradans who downsize to keep their homestead exemption. The tax relief plan will be on the November ballot as Proposition HH, which is designed to lower property tax rates for the next 10 years. The bill also addresses how commercial property is taxed in the state and streamlines the appeal process.
