(The Center Square) – Denver Public Schools projected that a typical single family household’s taxes to the district in 2023-24 would go up between 17% to 24% depending on how Proposition HH does on the ballot.

Proposition HH, which will appear on the November ballot, would lower owner-occupied residential assessment rates from 6.76% to 6.70% and reduce the valuation reduction from $15,000 to $50,000 for the 2023 tax year. Prop HH, if passed, would also broadly lower the size of potential refunds owed to Colorado taxpayers under the state Taxpayer’s Bill of Rights. These lower refunds, the school district stated, would backfill the lost property tax revenue from lower assessment rates.

The median actual value of a Denver single family home has increased from $360,700 in 2018-19 to $469,000 in 2022-23. Then it jumped to $631,800 in 2023-24, according to the district’s report.

The total amount of taxes that the school district collects from a typical single family home increased from $1,244 in 2018-19 to $1,681 in 2022-23. If Proposition HH fails that tax bill would increase to $2,086 a year in 2023-24 and if it passed, the increase would be to $1,970.

Denver Public Schools’ funding is only a portion of property tax revenues.