Colorado voters reject measure that would have lowered property tax bills

  • by:
  • Source: AP News
  • 06/07/2024

Despite seeing assessed home values soar by double digits, Colorado voters on Tuesday rejected a measure that would have lowered property tax bills for homeowners in return for decreasing a tax refund unique to the state that last year provided $750 to each taxpayer.

Under the measure the the owner of a $500,000 home would have paid anywhere from $186 to $276 less in property taxes this year than they normally would, depending on local tax rates, according to estimates by legislative analysts.

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.

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