DENVER — Colorado voters put Proposition HH to bed on Election Day. The Associated Press called the measure's loss around 7:45 p.m. on election night.
HH was possibly the biggest issue on Colorado's 2023 ballot, and could have determined the future of both your property taxes and your TABOR (Taxpayer Bill of Rights) refund.
The latest results are below:
Results are called by The Associated Press. Click here for more on how AP calls races.
A "no" vote on Prop HH makes no changes to the current property tax structure and does not allow the state to keep and spend more money than is currently allowed.
Since voters rejected Prop HH, next year's TABOR refunds will be based on your income level, meaning fewer dollars for low-income earners and much more TABOR refund for high income earners.
Proponents of Prop HH, like Democratic Gov. Jared Polis, called the ballot question a comprehensive, long-term response to high property tax increases, which are the result of recent double-digit property value assessments.
Opponents of Prop HH said it was an attempt to grow government by cutting into your future TABOR refunds and doing so without actually softening the increase on property tax bills.
What Prop HH would have done
A "yes" vote on Prop HH would not lower your property tax bill to a dollar amount less than what you paid this past year. A "yes" vote also creates a discount on your property tax increase for 10 years. Next year, your property tax bill will still go up, just not as much if HH passes. The higher the value of your property, the more money you will save.
A "yes" on Prop HH allows seniors to take the senior property tax exemption with them to new homes. Those who are 65 and older and have lived in their home for 10 or more years get a portion of their home's assessed value tax-free, and Prop HH makes the discount portable to new homes.
A "yes" vote also allows the state to keep and spend more each year than is currently allowed. That money would normally be refunded back to you as a TABOR refund.
With the exception of next year, a "yes" vote reduces your future TABOR refunds and could eliminate them in some years depending on future, unknown economic factors.
A "yes" vote puts a limit on how much some local governments can collect in property tax revenue each year, unless those local governments hold a public meeting and vote to keep more than would be allowed.
A "yes" would make TABOR refunds next year equal no matter your income level. If you make up to $99,000, you will get a larger TABOR refund. If you make more than $99,000, your TABOR refund will be smaller. In future years, everyone's TABOR refund would be reduced overall, with higher income earners seeing more dollars taken away.
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