Seniors & Vets

Many of the state’s veterans live on fixed incomes—and they are struggling to keep pace with rapidly rising property taxes. Prop 120 would slow the endless annual increases on the tax burden faced by our state’s seniors and disabled veterans.

Prop 120 also helps fund the Homestead Exemption, one of Colorado’s most important protections for seniors and disabled veterans.

Young Coloradans

For many young Coloradans, homeownership is a path toward financial stability, and every year, property tax increases push that goal a little further out of reach. The median cost of housing in Colorado is 60% more than the median nationwide. Our rising property taxes are yet another obstacle facing Coloradans on the path to homeownership.

Prop 120 would provide a much-needed stimulus to Colorado’s young and low-income homeowners, protecting them from spiking tax assessments amid record-breaking increases in property values.

Renters

Rent in Colorado rose nearly 15% over the last nine months and rising property taxes share a chunk of that responsibility. Prop 120 would limit the variability in property tax assessments, stabilizing a major cost concern for Colorado’s rental housing industry.

Prop 120 will also reduce the property tax burden on Colorado’s small business owners by providing affordable office space, leading to greater success and a stronger economy for all.

Initiative 2021-2022 #27 – Final

A measure to reduce the residential property tax assessment from 7.15% to 6.5% and the non-residential property tax assessment rate from 29% to 26.4% with authorization to retain and spend 25 million per year for 5 years credited to homestead exemptions.

Be it enacted by the People of the State of Colorado:

SECTION 1. In Colorado Revised Statues, 39-1-104 amend (1) as follows:

(1) Through December 21, 2021 the valuation for assessment of all taxable property in the state shall be twenty-nine percent, and beginning on January 2021 the valuation for assessment of all taxable property in the state shall be twenty-six and four-tenths percent of the actual value thereof as determined by the assessor and the administrator in the manner prescribed by law, and such percentage shall be uniformly applied, without exception, to the actual value, so determined, of the various classes and subclasses of real and personal property located within the territorial limits of the authority levying a property tax, and all property taxes shall be levied against the aggregate valuation for assessment resulting from the application of such percentage. This subsection (1) shall not apply to residential real property, producing mines, and lands or leaseholds producing oil or gas.

SECTION 2. In Colorado Revised Statutes, 39-1-104.2 amend (3)(q) as follows:

39-1-104.2 Adjustment of residential rate – legislative declaration – definitions.

(3)(q) The ratio of valuation for assessment for residential real property is 7.15 percent of the actual value for property tax years commencing on or after January 1, 2019 and 6.5 percent of the actual value for property tax commencing January 1, 2022, until the next property tax year that the general assembly adjusts the ratio of valuation for assessment for residential real property.

SECTION 3. In Colorado Revised Statutes, 39-3-207 add (6) as follows:

39-3-207. Reporting of exemptions—reimbursement to local governmental entities.

(6) For the purpose of off-setting lost revenue resulting from a reduction in property tax and to fund state reimbursements to local government entities for the application of the homestead exemption, in fiscal year commencing on July 1, 2022 through fiscal year ending July 1, 2027, the state shall be authorized to retain and spend up to 25 million per year in revenue for warrants otherwise authorized under this section.

Cut Colorado Property Taxes

VOTE YES ON PROPOSITION 120

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What is Proposition 120?

  • A ballot measure to reduce property taxes by 9%
  • A stimulus plan for all Coloradans

What Will Proposition 120 Do?

  • Give Coloradans a tax break
  • Help seniors, veterans, people on fixed incomes, and Coloradans who own personal or commercial property
  • Provides $25 million to the senior Homestead Exemption, which helps seniors on fixed incomes stay in their homes

Why is Proposition 120 Necessary?

  • After the Gallagher repeal, the residential assessment stayed at 7.15%
  • Housing tax assessments increased from 15% to 20% this year while Colorado residents missed out on an expected tax rate decrease
  • Inflation rose 5% over the last year, raising consumer prices in all industries

Vote YES on Proposition 120!

WHO SUPPORTS PROP 120?

Seniors & Vets

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Young Coloradans

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Renters

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READ PROPOSITION 120

How Coloradans will see this on their November Ballots

“Shall there be a change to the Colorado Revised Statutes concerning property tax reductions, and, in connection therewith, reducing property tax revenue by an estimated $1.03 billion in 2023 and by comparable amounts thereafter by reducing the residential property tax assessment rate from 7.15% to 6.5% and reducing the property tax assessment rate for all other property, excluding producing mines and lands or leaseholds producing oil or gas, from 29% to 26.4% and allowing the state to annually retain and spend up to $25 million of excess state revenue, if any, for state fiscal years 2022-23 through 2026-27 as a voter-approved revenue change to offset lost revenue resulting from the property tax rate reductions and to reimburse local governments for revenue lost due to the homestead exemptions for qualifying seniors and disabled veterans?”