The ink is barely dry on the much-hyped Democratic property tax relief package , but a campaign is underway to discredit the legislation and push forward with competing ballot measures.
Why it matters: The opposition undercuts claims from Gov. Jared Polis and Democratic leaders that the legislation is a grand compromise and sets up another high-stakes ballot fight that could upend the state’s $41 billion budget.
Context: The debate dates to the 2020 repeal of the Gallagher Amendment . which capped residential property taxes but forced higher rates on businesses.
- The replacement didn’t come until the 2022 election with Proposition HH , but voters rejected the measure, leaving lawmakers scrambling to find a solution to rising taxes as property values soared.
State of play: The bipartisan bill approved in the final hours of the legislative session last week prevents property taxes from rising as much as anticipated through temporary reductions in the assessment rates and taxable value on homes.