Proposition HH – Property Taxes, Tabor Refunds
By Eileen Doherty, MS ~
Denver CO. The State legislature passed Proposition HH with important tax changes for property owners. Learn more about how it will affect renters and homeowners. Property tax revenue in Colorado is set to increase by nearly $4 billion next year. Statewide, residential assessments are going up 40%. This is nothing short of a property tax crisis. In response, the Colorado Legislature has referred Proposition HH to the voters in November.
- The average homeowner will save $600 every single year and will get an increased TABOR refund of $820 this year.
- Prop HH places a cap on local district property tax collections at the rate of inflation. If revenues exceed the cap, the local government must reduce its property tax rate (mill levy). If the governing body of a district wants to retain revenue over the cap, it must send a notice to property owners, convene a meeting with public testimony, and vote to retain any amount of revenue over the cap.
- Makes the Senior Homestead Exemption portable.
- Prop HH drops residential assessment rates only slightly, from 6.76% to 6.7%. The commercial assessment rate drops from 27.9% to 27.85%. If HH passes, these changes will provide only $300 million in “relief” from the projected $4 billion increase. That means an approximate $3.7 billion increase in property taxes.
- Ends Tabor Refunds – HH raises the TABOR cap by 1% beyond inflation plus population growth each year. That means, if HH passes, the state will be able to keep and spend $10 billion of your TABOR refunds over the next decade.
To learn more about the pros and cons , visit https://www.youtube.com/watch?v=YxDZ3Gquuxc .
Eileen Doherty, MS is the Executive Director of the Colorado Gerontological Society.