A proposal to cap property tax growth has qualified for Colorado’s 2024 ballot. Initiative 50 would cap property tax revenue increases at 4% per year.
would cap property tax revenue increases at 4% per year, though voters could decide via statewide ballot to let the government retain tax revenue beyond that. It is being run as an amendment to the state Constitution, meaning it will need 55% of the vote to pass.
“Growth in government would still be outpacing wage growth, still outpace inflation,” Fields said, citing long-term trends in the metrics. “We thought it was a pretty balanced approach to allow 4%.”of the proposal by nonpartisan legislative staff found the initiative would cost local governments about $115 million in 2025. Legislative analysts predict an average statewide property value increase of 4.7% that year.
While on separate ballots, the initiative shows the ongoing battle being waged over state property taxes following the repeal of the Gallagher Amendment in 2020. Legislators and the governor backed, a ballot question this year that seeks to blunt the sharpest increases in property taxes and potentially save property owners hundreds of dollars in taxes they’d owe without it.
“People are excited to actually do a long-term property tax reform,” Fields said. “We feel good about being able to pass this next year regardless of whether Proposition HH passes.”Keeler: Show Prime the money! CU Buffs coach Deion Sanders isn’t just college football’s best story. He’s its biggest bargain, too.
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