DENVER (KDVR) — Voters in Colorado have rejected Proposition HH, according to The Associated Press. The measure would have reduced property taxes and changed TABOR refunds.
Prop HH would have allowed the state to reduce the refunds given under the Taxpayer’s Bill of Rights, keeping and spending some additional excess revenue. That money would have gone to schools, with a portion also going to local governments to offset losses in property tax revenue.
Full results below: Prop HH vote totals
Under the measure, 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.
Proponents of Proposition HH argued it was the best way to prevent devastating property tax bill increases and that it was targeted at helping seniors and working families. Opponents, including Republican state lawmakers and conservative groups, argued the measure could ultimately cost taxpayers more than they save on property tax bills.
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The Associated Press contributed to this report.
