Special Legislative Session Announced After Colorado's Prop HH Fails, Addressing Potential 40% Property Tax Increase
Governor Calls Emergency Legislative Session to Provide Tax Relief for Homeowners after Prop HH Defeat; Prop HH Would Have Limited Increases Using TABOR Refunds.
- Governor Jared Polis has declared a special legislative session to address potential 40% property tax hike faced by Colorado homeowners following the failure of Prop HH in the recent election.
- Prop HH aimed to limit property tax increases over the next decade by drawing funds from the Taxpayer's Bill of Rights (TABOR) refund system. The plan was rejected in the election, potentially leading to significant property tax increases.
- TABOR is a unique Colorado refund system that caps the amount of tax revenue the state can gather, refunding any surplus to taxpayers. The proposition aimed to redirect these funds to support local services like schools and fire departments that could have seen decreased property tax revenue.
- Last year, TABOR provided Colorado taxpayers with each a $750 refund. The importance of these refund checks to voters is thought to be a factor in the defeat of Prop HH.
- Colorado's issue with rising property taxes is reflective of a nationwide trend, with the past few years seeing the steepest rise in home values in decades. This trend threatens seniors on fixed incomes and families struggling to make mortgage payments.
Washington Post 
Associated Press 
