Colorado voters reject measure that would have lowered property tax by eating into their tax refunds

Under the measure the the owner of a $500,000 home would have paid anywhere from $186 to $276 less in property taxes this year than they normally would, depending on local tax rates, according to estimates by legislative analysts.

Proponents of Proposition HH argued it was the best way to prevent devastating property tax bill increases and that it was targeted at helping seniors and working families. Opponents, including Republican state lawmakers and conservative groups, argued the measure could ultimately cost taxpayers more than they save on property tax bills.

People with an adjusted gross income of $52,000 or less were expected to get a $326 refund next year, $31 less than under current law under the measure. Those with an income of $289,001 were set to get checks for $1,028, $100 less.

Source: Real Estate Daily Report (realestatedailyreport.net)

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