DENVER — When voters decide Proposition HH on Tuesday, Gov. Jared Polis (D) will not be in Colorado.
He has been the face of the key ballot issue but is currently in Wyoming with the Western Governors Association for the winter meeting through Wednesday.
State Senate President Steve Fenberg, D-Boulder, will be front and center at the watch party, win or lose.
As of Sunday night, 21% of all voters had cast their ballots.
But in the age group of 65 and older, 45% of voters had returned their ballots.
Senior Property Tax Exemption Questions
Terry DeBaker from Douglas County emailed and said that he and his wife moved from Jefferson County to Douglas County two years ago and lost their senior property tax exemption when they moved.
He wanted to know if Prop HH passes, would the exemption be retroactive for people who had it, but lost it when they moved.
The senior property tax exemption is a discount on the property tax for property owners 65 and older, who have lived in their homes for 10 or more years. Part of Prop HH allows a senior to take the tax exemption with them when they move. That does not exist currently.
The answer for Terry is yes!
The state of Colorado has records for residents who previously had the senior property tax discount and those who have moved and lost it can apply for it again immediately if Prop HH passes.
Marla from Castle Rock had another question on the same topic.
She qualified for the senior property tax exemption, but never applied for it and then moved.
She wanted to know if she could apply for it right away if Prop HH passes.
That answer is no.
A senior homeowner would have needed to apply for the benefit and been awarded it before moving. If that never happened, like in Marla’s situation, the homeowner will have to wait until they have lived in their home for 10 or more years.
Winners and losers
If Prop HH passes, the winners will be people with a lower income, $50,000 or less, since they will see an increase in their TABOR refund next year.
Winners also include people with high property values, since they will get a larger discount on their property tax increase.
Losers include people with high incomes, more than $157,001, because they will see a significant decrease in TABOR refund dollars next year. Also losing would be people with low property values, because they will not see as much of a discount on their property tax increase.
It is a bit of a wash if you are lower income and in a low property value home, and if you are higher income in a high property value home.
If Prop HH passes, it will trigger a companion state law that changes the distribution of TABOR refunds next year.
If Prop HH passes, single tax filers will get $898 in a TABOR refund, while joint tax filers will get $1,796.
If Prop HH fails, TABOR refunds will be distributed based on income levels.
People with income up to $50,000 will receive $628 in a TABOR refund ($1,256 for joint filers).
Income between $50,001-$99,000 will receive $838 ($1,676 for joint filers).
Income between $99,001-$157,000 will receive $964 ($1,928 for joint filers).
Income between $157,001-$218,000 will receive $1,146 ($2,292 for joint filers).
Income between $218,001-$278,000 will receive $1,233 ($2,466 for joint filers).
Income more than $278,001 will receive $1,984 ($3,968 for joint filers).
More on Proposition HH:
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