Yes on Prop HH: A responsible way to provide property tax relief.
The Colorado Fiscal Institute supports Proposition HH and its benefits to Colorado homeowners and renters.
Colorado leaders are responding to the needs of their constituents with property tax relief through Proposition HH. This is a responsible way to provide property tax relief without harming our schools and communities. With property tax savings and TABOR rebates, Proposition HH has the potential to drastically impact the economic health and well-being of your local community.
Through Prop HH, Colorado families are set to receive over $5,000 in property tax savings and up to $10,000 in TABOR Rebates
Prop HH will have an immediate positive impact on all Coloradans’ pocketbooks, without harming schools and communities. Property tax increases have been a significant burden on Colorado families in recent years, with bills growing by an average of 40% during the past two years. Prop HH is a tool to help struggling Colorado families and individuals dealing with historic inflation. Prop HH aims to responsibly remedy the issue by providing property tax relief, while preserving funding for essential local government services, like our schools and fire protection.
Proposition HH allows Colorado’s current revenue cap, put in place 30 years ago by TABOR, to grow by an extra 1%, and allows the state to use more of the revenue to it collects to provide relief to local governments, schools, and communities without increasing tax rates. With the proposed new revenue cap under HH, taxpayers can still expect between $300 and $1,300 in TABOR rebates each year, depending on their income. The money they don’t receive in rebates will go to schools, fire protection, and other local services to make up for reduced property taxes. This will result in more than a billion dollars going to schools per year in the future.
If Proposition HH passes, the average homeowner in Colorado will see $1,340 in property tax savings over the next three years while still receiving a projected $2,482 in TABOR refunds. Netting the property tax savings with expected reductions to state refunds over the decade, Proposition HH will result in $2,682 in net savings. That’s more money in taxpayers’ pockets.
How Will Proposition HH Benefit Taxpayers During a Recession?
In our recent report, CFI modeled two ten-year scenarios to gauge the net benefit of HH, including the foregone TABOR rebates and property tax savings. One model factors in a recession, while the other assumes no recession.
Assuming average historical growth rates with a recession, the average taxpayer in the average valued home in Colorado would save $4,460 over the decade from Proposition HH. Colorado families can use these significant savings to improve their lives and contribute to their communities.
Act Now: Support Proposition HH
Proposition HH benefits Colorado families and communities by providing considerable property tax savings and TABOR rebates. A vote in support of Proposition HH, is a vote in support of preserving critical public services and the economic health of our communities by offering homeowners and renters extra resources and the opportunity to keep more money in their pockets.
This November, vote for Prop HH.
Together, we can build a strong future for Colorado and promote our communities’ economic health and well-being.
