Proposition 120: Property Tax Assessment Rate Reduction

 

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?

IMPORTANT NOTE: The description of Proposition 120 in this voter information guide differs from the language in the ballot question because a law that changed the effect of the measure was passed by the state legislature after the ballot question was written. What Your Vote Means

YES Vote

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.

NO Vote

A “no” vote on Proposition 120 retains the assessment rates for lodging and multifamily housing properties that are in current law.