ostensibly to reduce skyrocketing property taxes, the proposal, if successful, will finally accomplish Democrats’ long-sought dream — the end of TABOR refunds or at least a significant reduction.that when voters read the fine print, they see the proposition for what it is, and they don’t support it.
In the 2023 valuation, the median house value went up 35% to 47% in the Denver Metro Area and some homeowners in resort towns saw a 60% to 70% increase. Understandably, a record number of property owners statewide have filed appeals. Since most will be denied, property owners across the state are looking at substantially higher property taxes.
I did the math. My home value went up 57%. If Proposition HH passes, I will save a few hundred dollars each year on my property taxes but will lose thousands of dollars in TABOR refunds. No thanks. Fortunately, it is likely Colorado property owners will have an opportunity to get real tax relief through another initiative on the ballot. Taxpayer advocacy groupis collecting signatures to place Initiative #50 on the ballot. It would require voter approval for statewide increases on property tax revenue over 4% annually. Sign me up.
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