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.
Proponents
- 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.
Opponents argue:
- 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
Eileen Doherty, MS is the Executive Director of the Colorado Gerontological Society.
Eileen,
My property taxes are over $19,000 per year and my savings under Prop HH would have been $502.00 I am horrified that you wrote an article with such lies. And the Tabor Refund would NOT be $802. You should be ashamed of yourself.
Property taxes under Prop HH would still go up about 30-40% BECAUSE THE VALUES OF PROPERTIES WENT UP BY THAT AMOUNT. The HH decrease was less than 1/10 of 1% ONLY of the value after applying the 6.7% and then multiplying by your tax levy for your location.
The prospect of navigating property taxes can indeed be overwhelming, and Proposition HH adds another layer to the equation. Your detailed analysis helped me better grasp the potential impacts and considerations. I would advise fellow readers to delve into the specifics, understand the nuances, and perhaps seek professional advice to make informed decisions. It’s crucial to be proactive in engaging with such proposals that directly influence our financial landscape. Your dedication to demystifying these matters is truly appreciated. Keep up the excellent work in keeping the community informed and empowered! https://irs-offices.com/org/irs-office-in-galesburg/