(The Center Square) – Colorado voters rejected Proposition HH in Tuesday’s election, according to early and unofficial results.
The Associated Press called the measure’s loss before 8 p.m. The polls officially closed at 7 p.m.
Proposition HH proposed lowering the residential property tax assessment rate to 6.7% and backfilling the lost revenue with Taxpayer’s Bill of Rights funds that would have otherwise went back to taxpayers. The Democratic-led legislature referred the measure to the ballot with Senate Bill 303, passed in the final days of the session.
As of 8 p.m. Tuesday night, over 60% of voters rejected Prop HH, according to unofficial results from the secretary of state’s office. Over 1.1 million ballots have been turned in so far.
A homeowner with a home valued at $500,000 would have seen a $186 to $276 reduction in their property taxes this year under the measure, according to Colorado’s Blue Book. Taxpayers making between $52,001 to $103,000 would have seen a projected $42 reduction to their 2024 TABOR refund had Prop HH passed.
The measure was backed by Gov. Jared Polis – who argued the measure would “contain the growth of property taxes over time” – and opposed by Republicans and conservative advocacy groups, who warned the measure was misleading and would deteriorate TABOR refunds.
“Coloradans spoke loud and clear tonight – don’t take our TABOR refunds,” said Jesse Mallory, state director of Americans for Prosperity-Colorado, which opposed the measure. “Yet again, attempts by Gov. Polis and the legislature to eliminate TABOR refunds have failed.”
Republicans in the legislature have proposed their own property tax relief proposals, which include a similar residential property tax rate reduction from 7.15% to 6.7% with no TABOR fund backfill, and an income tax reduction from 4.4% to 4.0%. They’ve also called on the governor to hold a special legislative session on property taxes.
“Voters clearly saw through the legislature’s tax scheme intended to take more of their hard-earned money by historically increasing taxes,” House Minority Leader Mike Lynch, R-Wellington, said in a statement Tuesday night. “Republicans continue to ask that we and the Governor correct this fixable property tax mess now. Don’t make Coloradans wait any longer.”
Coloradans also voted on Proposition II, which proposes allowing the state to keep $23.65 million in excess tax revenue raised from tobacco and nicotine taxes to fund preschool education. As of 8 p.m., Prop II has 66% support, according to unofficial results.
Polis, who pushed for the state’s new universal preschool program, was pleased to see the measure pass.
“Coloradans value early childhood education and I am thrilled people voted in favor of providing more funding for our free universal preschool program that is saving families money, and this voter-approved measure will help fund more preschool for kids,” the governor said in a statement.
