The proposal would have slowed the increase in property tax bills after home values rose as much as 45% in the Denver area and even more in parts of the mountains.
FILE - The roofs of houses stack up on a hillside in a development in the east Denver suburb of Aurora, Colo., Thursday, May 4, 2006.
In exchange, after an initial increase in the taxpayer refund for everyone this year, the refund checks would have started to decrease and possibly disappear for people of all income levels over the next decade, depending on how much revenue the state takes in, according to legislative analysts. “Voters in Colorado weren’t fooled — they wanted simple property tax relief and instead the Legislature and governor gave them a 48 page confusing bill that went after TABOR refunds,” said Michael Fields, president of Advance Colorado, which led the charge against the measure.
State Senate President Steve Fenberg, who chaired the campaign for the measure, said in a statement Tuesday night that he thinks the measure fell prey “to a misinformation slogan campaign by the far right, who would prefer to cut property taxes on the backs of our schools and fire districts.”Under the complicated measure, owners of primary residences would have seen greater reductions than the owners of second homes and rental properties.
Put on the ballot by the Democratic-led Legislature, the property tax measure would have slowed the increase of property tax bills over the next decade in two ways. Proposition HH would have lowered the statewide assessment rate that is used to calculate how much people have to pay to their local governments based on the value of their homes. It also would have exempted a portion of a home’s value from being taxed.
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