DENVER — Colorado residents on Tuesday seemed to reject Proposition 120, which asked whether the property tax assessment rate should be lowered for multifamily homeowners and commercial lodging properties like hotels, motels and bed & breakfasts.
A YES vote was to lower the assessment rate, which is part of the equation that determines property tax bills, for single-family homeowners or condo owners.
The equation takes a property's value (as determined by the county assessor every other year) multiplied by the assessment rate (7.15% for residential, 29% for nonresidential). That total is the taxable value.
Proposition 120 asked voters to drop certain residential property from 7.15% to 6.5%; and to drop certain nonresidential property from 29% to 26.4%.
The results are below:
Proposition 120 was placed on the ballot through the initiative process. Colorado Rising Action collected more than the required 124,762 voter signatures to get this on the ballot. After it was set for the ballot, but before the election, state lawmakers passed a bill, signed into law by Gov. Jared Polis (D), that created new categories of property.
As part of Senate Bill 293, lawmakers also approved a temporary drop for multifamily assessment rates. If Proposition 120 failed, the assessment rate for multifamily homes, except for condos, would drop in 2022 and 2023 from 7.15% to 6.8% and then go back up to 7.15% in 2024.
According to the state's property tax administrator, there are 2,139,543 residential units in the state. Of those, only 166,960 would see lower residential assessment rates if Proposition 120 passed, based on the changes made by state lawmakers.
If Proposition 120 passed, the supporters of the measure expected to go to court to have a judge decide whether all two million residential property owners, and all nonresidential property owners, should get the benefit of a reduced rate, as they intended when they put this on the ballot.
Find all of our election coverage at 9news.com/elections.
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