Colorado voters may decide in 2024 on an initiative that would cap state property tax revenue at 4% over the total revenue collected in the preceding year. The initiative would require statewide voter approval to allow local governments to retain property tax revenue exceeding the 4% growth limit.
The initiative was sponsored by Advance Colorado Institute, a think tank that promotes “limited government, free enterprise, low taxes, and public safety.” Michael Fields, initiative proponent and president of Advance Colorado Institute, said, “Coloradans are facing a property tax crisis. Since the legislature has failed to act, citizens are moving this measure forward to allow the voters to decide if they want to cap property tax increases. While this measure won’t impact the spike in property taxes next year, it will have a significant impact in future years.”
The Colorado Legislative Council Staff forecasted that assessed property values would increase by 4.7% for property tax year 2025, and, assuming a proportional increase in property tax revenue growth, statewide voter approval would be required to allow local governments to retain property tax revenue above the 4% cap, estimated to be about $115 million.
