Proposition HH

What is Proposition HH? Prop HH would make various changes to state property taxes and changes to state revenue limits, including reducing the residential property tax assessment rate and subtracting a set amount of money from a property's taxable value before applying the assessment rate; creating two new subclasses of residential property effective in 2025; providing funds to local governments to make up for decreased property tax revenues, referred to as backfilling; creating a limit on local government property tax revenue; and creating a new cap on state revenue allowing the state to retain revenue up to the newly created cap that it would otherwise be required to refund to residents under TABOR. If Prop HH passes, the state sales tax refund every taxpayer has received on their Colorado tax return would be a flat amount, increasing for taxpayers of low- and middle-income, and decreasing for higher income individuals. The bottom line is that property taxes would decrease but TABOR refund credits would also decrease for most taxpayers over the next ten years. For more information visit leg.colorado.gov/bluebook. Don't forget to vote by November 7!