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Prop 120: Voters rejecting property tax cut for multifamily housing, lodging properties

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DENVER (KDVR) — Preliminary election results show more than 56% of voters have rejected a property tax cut for multifamily housing and lodging properties.

Returns just before midnight Tuesday showed 51 of 64 counties reporting.

The measure would cut property taxes from 7.15% to 6.5% for multifamily housing properties, excluding condominiums. It also would reduce the rate for lodging properties from 29% to 26.4%.

The measure was meant to cut property taxes across the board, but lawmakers earlier this year changed the tax code so the reduction would only apply to those two categories.

Prop 119 would also allow the state to keep $25 million a year in revenue above the constitutional limit for the next five budget years, but only if it’s used for property tax exemptions for seniors and veterans with a service-related disability.

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