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Colorado Initiative 127 (2008)

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Initiative 127 or the Real Estate Transfer Tax Initiative would have protected homeowners and business owners in a depressed market. If the market value of residential or commercial real estate fails to increase by an average of 18% each year for two years, the tax or fee for the transfer of the property would be suspended for two years.

This measure was a citizen-initiated constitutional amendment.

The official ballot title read:

An amendment to the Colorado constitution concerning the suspension of any tax or fee imposed by the Colorado constitution on the transfer of real property, and, in connection therewith, in any year following a two-year period in which the statewide total real property actual valuation failed to increase by an average of 18% in each year, suspending any tax or fee imposed by the Colorado constitution on the transfer of real property for the following two calendar years.

Details of the proposal

The proposal would have added a new section to Article X of the state constitution, to read:

Section 22: Homeowner and business owner real estate protection.
1) In order to protect homeowners during depressed real estate markets, in any year following a two-year period in which the statewide average assessors' residential real estate market valuation failed to increase by an average of eighteen percent in each year, as determined by the Governor's Office of State Planning and Budgeting or its successor, the imposition of any tax or fee imposed by the constitution on the transfer of residential real estate shall be suspended for two years.

(2) In order to protect homeowners during depressed real estate markets, in any year following a two-year period in which the statewide average assessors' commercial real estate market valuation failed to increase by an average of eighteen percent in each year, as determined by the Governor's Office of State Planning and Budgeting or its successor, the imposition of any tax or fee imposed by the constitution on the transfer of commercial real estate shall be suspended for two years.

Supporters

This measure was sponsored by Margaret Robinson and Jack Beuse.

Status

The petition did not make the ballot.

See also

External links

References