Measure on the ballot in the 2021 Colorado Consolidated General Election in Colorado.
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Get StartedShall there be a change to the Colorado Revised Statutes concerning property tax reductions, and, in connection therewith, reducing property tax revenue by an estimated $1.03 billion in 2023 and by comparable amounts thereafter by reducing the residential property tax assessment rate from 7.15% to 6.5% and reducing the property tax assessment rate for all other property, excluding producing mines and lands or leaseholds producing oil or gas, from 29% to 26.4% and allowing the state to annually retain and spend up to $25 million of excess state revenue, if any, for state fiscal years 2022-23 through 2026-27 as a voter-approved revenue change to offset lost revenue resulting from the property tax rate reductions and to reimburse local governments for revenue lost due to the homestead exemptions for qualifying seniors and disabled veterans? Proposition 120 will lower property tax assessment rates for multifamily housing and lodging properties. Through state budget year 2026-27, the measure also allows the state to retain $25.0 million per year in revenue above the constitutional limit if it is used to fund existing reimbursements to local governments for property tax exemptions for seniors and veterans with a service-related disability. Public schools are funded through a combination of state and local government revenue. The state pays the difference between an amount of school district funding required by a formula in state law, and the amount of local tax revenue generated. A reduction in property tax revenue to school districts increases the amount that the state must pay to make up the difference, although actual funding is determined by the state legislature. Property tax reductions from Proposition 120 that are not offset by additional state funding will result in lower school funding for some districts. The impact will vary by district.
A "yes" vote on Proposition 120 lowers property tax assessment rates for multifamily housing and lodging properties. It does not impact assessment rates for other types of residential and nonresidential property.
A "no" vote on Proposition 120 retains the assessment rates for lodging and multifamily housing properties that are in current law
The measure provides targeted tax relief for important sectors of Colorado’s economy. Reducing property taxes for most multifamily properties may ease pressure on rents and encourage investment to address Colorado’s housing shortage. In addition, lodging owners may hire and retain more employees and potentially reduce lodging rates, attracting additional visitors., in support of Proposition 120 (Learn more)
Permanently reducing property tax revenue to local governments may result in cuts to important government services. Proposition 120 will pose challenges for special districts, cities, or counties that rely on property tax revenue from multifamily homes or lodging properties to maintain services, such as water, transportation, education, and emergency services. In particular, critical fire protection needs are increasing rapidly, and not all areas of the state are able to generate the funding needed to support these local services, in opposition to Proposition 120 (Learn more)
Shall there be a change to the Colorado Revised Statutes concerning property tax reductions, and, in connection therewith, reducing property tax revenue by an estimated $1.03 billion in 2023 and by comparable amounts thereafter by reducing the residential property tax assessment rate from 7.15% to 6.5% and reducing the property tax assessment rate for all other property, excluding producing mines and lands or leaseholds producing oil or gas, from 29% to 26.4% and allowing the state to annually retain and spend up to $25 million of excess state revenue, if any, for state fiscal years 2022-23 through 2026-27 as a voter-approved revenue change to offset lost revenue resulting from the property tax rate reductions and to reimburse local governments for revenue lost due to the homestead exemptions for qualifying seniors and disabled veterans?
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