DENVER — A ballot initiative to reduce property tax assessment rates has received enough signatures to qualify for the November 2024 ballot, its sponsors announced Tuesday.
Proposition 108, also known as the Citizens' Tax Cut, has submitted nearly 200,000 signatures to the Secretary of State's Office, exceeding the required threshold by over 75,000. The signatures will now undergo a verification process to ensure their validity.
Backed by Advance Colorado and Colorado Concern, Proposition 108 aims to reduce assessment rates to 5.7% for residential properties and 24% for commercial properties. If passed alongside Constitutional Amendment 50, which is also on the ballot this November, Proposition 108 would cut this year's tax increase and limit future increases to a maximum of 4%.
“We have a cost-of-living crisis in Colorado,” said Dave Davia, CEO of Colorado Concern. “Soaring property taxes are crushing homeowners and small businesses while wage growth has barely budged. An increase in revenue for the state does not mean that Coloradans can expect better results or services in return. It’s time for voters to take matters into their own hands.”
According to data from the Department of Local Affairs, Colorado's tax revenue rose by $2.5 billion, nearly a 20% increase in 2023. Over the past decade, tax revenues in the state have more than doubled and are now four times higher than they were in 2000.
> Read the full story on Colorado Politics.
