Voters in Colorado in the United States have apparently decided not to lower property tax rates. Proposition 120 had the support of only about 43 per cent of voters, and backers conceded it looked likely to fail. That figure has stayed steady through the latest counts., Colorado’s property values have soared in recent years, resulting in higher tax bills. Even some opponents of the measure thought that voters would approve the cut as they looked for a break.
“I’m pleasantly surprised. I think folks are onto the games that are being played at the ballot, and I think that folks looked at this and understood something wasn’t right with the measure,” said Scott Wasserman, president of the progressive Bell Policy Center. The cut “would have devastated communities’ revenues … This was like a total blunt instrument.”
However, supporters of the measure are blaming state lawmakers for interfering with the ballot measure.As written, Proposition 120 would have reduced the amount of property tax collected statewide by an estimated $1bn. But state lawmakers already have moved to significantly limit the potential results of the ballot measure, potentially cutting the reduction to just $50m.
A law passed this spring, after the ballot language for Proposition 120 was finalized, would have canceled out large parts of the ballot measure. Under the new law, the potential permanent tax cut from Proposition 120 would only apply to lodging and multifamily housing — and not single-family residences.
That law was passed by Democrats with support from a handful of Republicans from mostly rural areas. Property taxes pay for local services such as schools, county-road maintenance, and fire and library districts, among other things, and a cut could be especially painful for rural areas that have seen less property value growth.
I’m sitting here thinking what punch’s business with US tax cut🤔…lol