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So, someone who owns a home valued at $600,000 and assessed at a 6.765% statewide residential assessment rate in a place where the mill levy rate is 75 would owe $3,044.25 in taxes each year. e formula to get to that number looks like this: $600,000 x 0.06765 x (75 x 0.001) = $3,044.25.

e proposal would also prevent many local taxing districts from collecting an increase in property taxes above the rate of in ation, though school districts would be exempt and local governments could override the cap after giving notice to property owners.

Utah has a similar system, and that’s what the provision in the Colorado proposal is modeled after.

To account for the cuts, the legislature is planning to spend $200 million to repay local governments, including schools, for the revenue they would have collected. Additionally, the plan calls for using about $250 million of the $2.7 billion Colorado is projected to collect in the current scal year, which ends June 30, above Taxpayer’s Bill or Rights cap on government growth and spending, to further account for local districts’ revenue reduction. Additionally, voters would be asked in November to increase the TABOR cap, which is calculated by annual growth in population and in ation, by an extra 1%. (Any money collected over the cap has to be refunded.)

e change would reduce the amount of money available for refunds in years in which the cap is exceeded.

Finally, Proposition HH would set aside about $20 million each year to go toward a state renter relief program — a late addition to the measure aimed at acknowledging the proposal mostly bene ts property owners.

Proposition HH was placed on the ballot through the passage of Senate Bill 303, which was introduced a week ago. It passed the House on Monday by a 39-7 vote with 19 absent.

All 19 Republicans in the chamber were marked absent after they walked out of the chamber in protest as the vote was being taken and after Democrats shut down debate on the measure. Republicans are in a super minority in the House, so Democrats still had a quorum in their absence.

“Our citizens are really smart,” said Rep. Lisa Frizell, R-Castle Rock. “ ey understand that this proposal, this bill is a grand e ort to get rid of TABOR and their TABOR refunds.”

Rep. Mike Weissman, an Aurora Democrat and a lead sponsor of Senate Bill 303, said Colorado voters would ultimately decide whether they like the proposal.

“We don’t make the nal call,” he said. “ e voters do.”

When the bill moved to the Senate for nal approval, Sen. Barbara Kirkmeyer, R-Brighton, libustered the measure for an hour before the Democratic majority cut her o at about 9:15 p.m. by voting to limit debate. e measure passed on a 23-12, party-line vote and now awaits the governor’s signature after Senate Minority Leader Paul Lundeen, RMonument, asked the governor to call a special session to take another stab at property tax relief in a way that doesn’t a ect TABOR refunds. e change would mean the lowest income Coloradans receive nearly $200 more than they were projected to get under the default system, while the state’s highest earners would get hundreds — if not more than 1,500 — dollars less. e measure was introduced on Saturday — the last possible day it could have been introduced in order to have the three calendar days needed to pass. It cleared the Senate on Monday on a 23-12 vote and was sent to Polis to be signed into law. e measure only goes into e ect, however, if Proposition HH passes. If Proposition HH fails, the money will be distributed through the default six-tier sales tax mechanism, adopted by a Republican legislature in 1999. e six-tier system refunds TABOR excess to Coloradans depending on which of six income tiers they fall into, with higher earners getting larger refunds and lower earners receiving less. e 2024 legislative session begins in early January 2024. is story is from e Colorado Sun, a journalist-owned news outlet based in Denver and covering the state. For more, and to support e Colorado Sun, visit coloradosun.com. e Colorado Sun is a partner in the Colorado News Conservancy, owner of Colorado Community Media

Separately, the legislature Monday passed House Bill 1311, which would distribute more than $2 billion in TABOR refunds next year to Coloradans through at-rate checks of roughly $650 or $1,300, depending on whether someone is a single or joint tax ler.

Republicans, who are in the Capitol minority, fought Senate Bill 303 and House Bill 1311 and complained that they didn’t have enough time to vet the legislation because of how late in the lawmaking term the measures were introduced.

However, the GOP was unable to stop or force big changes to either measure because of their large political disadvantage in the House and Senate.

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