Signatures submitted to add Colorado property tax initiative to November ballot
Barbara Crimond | Jul 29, 2024 | Comments 0
Proposition 108, the Citizens’ Tax Cut, looks to reduce assessment rates for property owners
A ballot initiative to reduce property tax assessment rates has received enough signatures to qualify for the November 2024 ballot, its sponsors announced Tuesday.
Proposition 108, also known as the Citizens’ Tax Cut, has submitted nearly 200,000 signatures to the Secretary of State’s Office, exceeding the required threshold by over 75,000. The signatures will now undergo a verification process to ensure their validity.
Backed by Advance Colorado and Colorado Concern, Proposition 108 aims to reduce assessment rates to 5.7% for residential properties and 24% for commercial properties. If passed alongside Constitutional Amendment 50, which is also on the ballot this November, Proposition 108 would cut this year’s tax increase and limit future increases to a maximum of 4%.
“We have a cost-of-living crisis in Colorado,” said Dave Davia, CEO of Colorado Concern. “Soaring property taxes are crushing homeowners and small businesses while wage growth has barely budged. An increase in revenue for the state does not mean that Coloradans can expect better results or services in return. It’s time for voters to take matters into their own hands.”
According to data from the Department of Local Affairs, Colorado’s tax revenue rose by $2.5 billion, nearly a 20% increase in 2023. Over the past decade, tax revenues in the state have more than doubled and are now four times higher than they were in 2000.
“The Citizens’ Tax Cut is a common-sense plan to cut and cap Colorado property taxes,” said Michael Fields, president of Advance Colorado. “We can responsibly cut taxes back to near-2022 levels, protect local services, and cap future tax increases so these massive tax hikes can’t happen again. Government should never grow faster that taxpayers’ wages.”
Models predict that if the two initiatives are not passed, statewide property tax collections will reach $20 billion by the end of the decade.
“This year’s property tax increase is cruel and regressive,” said campaign spokesperson Karen Crummy. “For many young families trying to buy a home, or for a lot of working-class families and seniors trying to stay in their home, these property taxes are unaffordable and unfair.”
Proposition 108 is one of a number of property tax-related initiatives up for the ballot this year; learn more about each of them here.
Marissa Ventrelli marissa.ventrelli@coloradopolitics.com
Filed Under: Consumer Issues • Featured • Media Release • State
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