DENVER — The Secretary of State's office said Wednesday that two property-tax measures have been officially withdrawn from the Nov. 5 ballot.
Advance Colorado and Colorado Concern, two conservative groups led by Michael Fields and Dave Davia, submitted Propositions 50 and 108.
Proposition 108, which sought statutory changes, would reduce residential property assessment rates to 5.7% and non-residential property assessment rates to 24%. The state would be required to backfill the lost property tax revenue, with one estimate pegged at $3 billion. It was certified for the ballot on Aug. 21.
Proposition 50, which sought to amend the state constitution, would impose a 4% annual cap on property tax revenues. It was certified for the ballot last October.
The withdrawal is part of an agreement made by legislative leaders, Gov. Jared Polis, and the two groups in exchange for a smaller reduction in property taxes to be negotiated by the legislature.
