Colorado Property Tax Valuation Reduction Initiative (2024)

Colorado Property Tax Valuation Reduction Initiative
Election date November 5, 2024
Topic Taxes and Property
Status Not on the ballot
Type State statute	Origin Citizens

The Colorado Property Tax Valuation Reduction Initiative was not on the ballot in Colorado as an initiated state statute on November 5, 2024.

A "yes" vote would have supported reducing the valuation rate for residential property to 5.7% and the nonresidential rate to 24%; requiring the state to reimburse local governments for revenue losses; and requiring the state to maintain current education funding levels.

A "no" vote would have opposed reducing property tax valuation assessment rates.

Special session and compromise deal

On September 4, 2024, Advance Colorado withdrew its two property tax ballot initiatives from the November 2024 ballot: Initiative 50, the property tax revenue cap initiative, and Initiative 108, the property tax valuation reduction initiative.

Colorado Gov. Jared Polis (D) signed the compromise bill, House Bill 24B-1001, into law on the same day. Polis had called the state legislature into a special session to address property taxes. HB 2001 was designed to reduce property taxes and cap local government and school district tax revenue growth.

Polis said, "The cost of inaction is too high. We refuse to gamble with our schools, our economy, our future. Proposed ballot measures threaten to gut funding for K-12 and higher education, and Coloradans are counting on us to find a path forward that saves people money on property taxes while preserving these critical institutions."

Advance Colorado President Michael Fields said, “This property tax cut and cap agreement provides the permanent tax relief that Coloradans have been demanding and will prevent future spikes in property tax bills going forward."

To read more about the compromise deal, click here.

Overview

What would the initiative have done?

See also: Text of measure

The initiative would have changed the definition of residential real property to include multifamily residential properties (but excluding hotels and motels), as well as residential land and improvements. This change would have reverted changes made by Senate Bill 238, passed by the Colorado State Legislature in 2023, which made multifamily residential property a subclass of residential real property with a different valuation rate (6.8% for 2024). As of 2023, the valuation rate for single-family residential homes was set at 6.95% while 2024 rates were set to be calculated such that the total aggregate of local government property tax revenue would equal $700 million.

The initiative would have set the valuation for assessment of residential property (including multifamily property) to 5.7%. The rate for nonresidential property would have been set at 24% of the actual value for all taxable property except for residential real property producing mines and lands or leaseholds producing oil or gas.

The initiative would have required the state treasurer, by April 15 of each year, to issue a warrant from the general fund to reimburse local governments for revenue losses resulting from the initiative.

The initiative would have required the state to maintain current funding levels for the state education fund as mandated by the state constitution.

Text of measure

Ballot title

The ballot title for the initiative is below:

“

Shall funding available for counties, school districts, water districts, and other districts funded, at least in part, by property taxes shall be impacted by a reduction of $3 billion in property tax revenue by a change to the Colorado Revised Statutes concerning a reduction of the valuation for assessment of certain real property for property tax years commencing on or after January 1, 2025, and, in connection therewith, reducing the valuation for tax assessment for property other than residential real property, producing mines, and oil and gas lands to 24% of the property's actual value; reducing the valuation for tax assessment for residential real property to 5.7% of the property's actual value; requiring the state to reimburse local districts for revenue lost as a result of these changes; and requiring the state to maintain current funding for the state education fund?

”

Full text

The full text is available here.

Support

Supporters

• Dave Davia, president and CEO of Colorado Concern
• Michael Fields, president of Advance Colorado

Opposition

Ballotpedia did not locate a campaign in opposition to the ballot measure.

Background

Property taxes in Colorado

Property tax revenue in Colorado is collected by local governments and funds county government, public schools, junior colleges, and special districts. Colorado has not had a statewide property tax since 1964. The state sets assessment rates and local governments set the tax rate (mills) that are levied on the assessed value of the property. For 2025, the statewide average levy was forecast to be around 85 mills. For example, for a $500,000 home, the 2025 assessment rate of 7.15% means that $35,750 is taxable. The local government’s tax rate would apply to the $35,750. For example, a tax rate of 85 mills would mean that $3,038.75 would be owed for property taxes on the house.

Recent property tax laws and ballot measures in Colorado

2023

The state legislature referred Proposition HH to the 2023 ballot which would have reduced property tax rates and allowed the state to retain and spend revenues that would otherwise be refunded to residents under TABOR. Proposition HH would allocate this revenue to local governments for the purpose of making up lost tax revenues from the property tax rate reduction. Proposition HH would create a limit on local government property tax revenue unless the district adopts a resolution or ordinance to exceed the limit. The measure would make other changes to property tax law and create a Proposition HH Cap on state revenue. Proposition HH was defeated with 59% of voters opposed and 41% of voters in favor.

Following the rejection of Proposition HH, Colorado Gov. Jared Polis (D) called a special session of the Colorado State Legislature to address property tax relief. The legislature passed and the governor signed legislation to reduce the residential property tax assessment rate from 6.765% to 6.7% and increased the amount of home value that is exempt from taxation from $15,000 to $55,000. The legislation requires the state to reimburse local governments for lost property tax revenue and requires the state treasurer to transfer $135 million from the general fund to the state education fund to offset reductions in school district property tax revenue. The legislation also expanded the Earned Income Tax Credit and made TABOR refunds a flat rate for all taxpayers rather than based on tiers according to income brackets.

State Rep. Javier Mabrey (D-1) said, "Our state’s tax code is broken. It’s an upside-down tax code. This matters. It helps renters. It helps homeowners who are retired."

State Rep. Kenneth DeGraaf (R-22) said, "This is taking money from one person to another, this is legislating money from one person to another."

2022

The state legislature passed Senate Bill 22-238 in 2022, which reduced property tax assessment rates for 2023 and 2024, reducing the assessment valuation of nonresidential property (excluding agricultural and renewable energy production nonresidential property) from 29% of the actual value of the property to 27.9% of the actual value of the property. It reduced the residential property assessment valuation from 7.15% to 6.765% of the actual value.

2021

In 2021, the state legislature passed Senate Bill 21-293, which temporarily lowered tax rates for various properties for 2022 and 2023.

2020

Amendment B, approved by voters in 2020, repealed the Gallagher Amendment of 1982. The Gallagher Amendment limited the residential and non-residential property tax assessment rates so that residential property taxes equaled 45% of the total share of state property taxes and non-residential property taxes equaled 55% of the total share of state property taxes.

Non-residential property: Under the Gallagher Amendment, property tax assessment rates were set in the state constitution to be 29% for non-residential property. The rate was fixed at 29% in the state constitution and could only be changed through a constitutional amendment. Amendment B repealed the 29% non-residential assessment rate. Non-residential property includes commercial property and oil and gas property.

Residential property: Under the Gallagher Amendment, the assessment rate for residential property was required to be adjusted before each 2-year reassessment cycle so as to maintain the 45%-55% split between the total share of property taxes paid between the two types of property. The residential assessment rate was initially set as 21% under the Gallagher Amendment but decreased over time to maintain the 45%-55% split. The residential property tax assessment rate for 2019-2020 was 7.15%. As of 2020, residential property in Colorado made up about 80% of the assessed value of all property in the state.

The legislature passed a companion bill, Senate Bill 20-223, which took effect alongside the constitutional amendment. Senate Bill 223 froze the then-current rates of 7.15% for residential property and 29% for non-residential property in state statute. SB 223 allowed the legislature to reduce the assessment rate in state law. Under the Gallagher Amendment, property tax assessment rates were expected to continue to decrease at the reassessment set to occur 2021 and going forward. Therefore, repealing the Gallagher Amendment and freezing property tax rates at current levels was expected to result in higher residential assessment rates than under the Gallagher Amendment. Due to the Colorado Taxpayer's Bill of Rights (TABOR), the legislature could not increase assessment rates without a statewide vote of the people.

Colorado Taxpayer's Bill of Rights (TABOR)

Colorado has a Taxpayer's Bill of Rights, known as TABOR, that limits the amount of money the state of Colorado can take in and spend.

It limits the annual increase for some state revenue to inflation plus the percentage change in state population. Any money collected above this limit is refunded to taxpayers unless the voters allow the state to spend it.

To read about the Taxpayer's Bill of Rights, click here.

Path to the ballot

See also: Laws governing the initiative process in Colorado

The state process

In Colorado, the number of signatures required to qualify an initiated state statute for the ballot is equal to 5 percent of the total number of votes cast for the office of Colorado secretary of state in the preceding general election. State law provides that petitioners have six months to collect signatures after the ballot language and title are finalized. State statutes require a completed signature petition to be filed three months and three weeks before the election at which the measure would appear on the ballot. The Constitution, however, states that the petition must be filed three months before the election at which the measure would appear. The secretary of state generally lists a date that is three months before the election as the filing deadline.

The requirements to get an initiated state statute certified for the 2024 ballot:

• Signatures: 124,238 valid signatures
• Deadline: August 5, 2024

The secretary of state is responsible for signature verification. Verification is conducted through a review of petitions regarding correct form and then a 5 percent random sampling verification. If the sampling projects between 90 percent and 110 percent of required valid signatures, a full check of all signatures is required. If the sampling projects more than 110 percent of the required signatures, the initiative is certified. If less than 90 percent, the initiative fails.

Details about this initiative

• The initiative was filed by Michael Fields and Suzanne Taheri on December 22, 2023. The initiative was approved for signature gathering on January 31, 2024, with petitions due on July 25, 2024.
• Proponents submitted nearly 200,000 signatures on July 23, 2024.
• The Colorado Secretary of State's office announced on Aug. 21 that Initiative 108 qualified for the November ballot.
• The initiative was withdrawn from the ballot on September 4, 2024, following a legislative compromise. Gov. Jared Polis signed the compromise legislation on the same day.

Legislative compromise (HB 24B-1001)

The Colorado State Legislature convened a special session to pass a bill addressing property taxes as part of a compromise deal with initiative sponsors, Advance Colorado, in exchange for proponents withdrawing its two property tax initiatives from the November ballot.

House Bill 24B-1001 was passed by a vote of 58-3 in the House and 30-4 in the Senate. Of 46 Democratic Representatives, 41 voted in favor, two were opposed, and three were absent. Of 19 Republican Representatives, 17 voted in favor, one was opposed, and one was absent. Of 23 Democratic Senators, 19 voted in favor, three were opposed, and one was absent. Of 12 Republican Senators, 11 voted in favor and one was opposed.

HB 1001 reduced property tax valuation assessment rates, lowered the cap on local government property tax revenue, and created a property tax revenue limit for school districts.

The deadline for proponents to withdraw the initiatives (the property tax revenue cap initiative and the property tax valuation reduction initiative) was September 6, 2024.

Michael Fields, president of Advance Colorado, said, "Today’s vote marks a huge win for Colorado taxpayers who have been hit with 30 percent average property tax increases. For two years, we have said the solution taxpayers need is to cut taxes significantly and then put a cap in place so Colorado can avoid this crisis in the future. This bill gets that job done."

Gov. Jared Polis (D) said, "I look forward to seeing the risky ballot measures pulled down and signing this legislation into law so small businesses and homeowners can keep more of their hard earned money."

How to cast a vote

See also: Voting in Colorado

See below to learn more about current voter registration rules, identification requirements, and poll times in Colorado.

How to vote in Colorado

Poll times

In Colorado, polls are open from 7:00 a.m. to 7:00 p.m. local time for those who choose to vote in person rather than by mail. An individual who is in line at the time polls close must be allowed to vote.

Registration

Check your voter registration status here.

In Colorado, an individual can pre-register to vote if they are at least 15 years old. Voters must be at least 18 years old to vote in any election. A voter must be a citizen of the United States and have established residence in Colorado to vote.

Colorado voters can register to vote through Election Day. However, in order to automatically receive a absentee/mail-in ballot, a voter must register online, through the mail, at a voter registration agency, or driver's license examination facility at least eight days prior to Election Day. A voter that registers through a voter registration drive must submit their application no later than 22 days before the election to automatically receive an absentee/mail-in ballot. A voter can register online or submit a form in person or by fax, email, or mail.

Automatic registration

See also: Automatic voter registration

Colorado automatically registers eligible individuals to vote through the Department of Motor Vehicles and certain other state agencies.

Online registration

See also: Online voter registration

Colorado has implemented an online voter registration system. Residents can register to vote by visiting this website.

Same-day registration

See also: Same-day voter registration

Colorado allows same-day voter registration for individuals who vote in person.

Residency requirements

Colorado law requires 22 days of residency in the state before a person may vote.

Verification of citizenship

See also: Laws permitting noncitizens to vote in the United States

Colorado does not require proof of citizenship for voter registration. An individual applying to register to vote must attest that they are a U.S. citizen under penalty of perjury.

All 49 states with voter registration systems require applicants to declare that they are U.S. citizens in order to register to vote in state and federal elections, under penalty of perjury or other punishment. Seven states — Alabama, Arizona, Georgia, Kansas, Louisiana, New Hampshire, and Wyoming — have laws requiring verification of citizenship at the time of voter registration, whether in effect or not. One state, Ohio, requires proof of citizenship only when registering to vote at a Bureau of Motor Vehicles facility. In three states — California, Maryland, and Vermont — at least one local jurisdiction allows noncitizens to vote in some local elections. Noncitizens registering to vote in those elections must complete a voter registration application provided by the local jurisdiction and are not eligible to register as state or federal voters.

Verifying your registration

The site Go Vote Colorado, run by the Colorado Secretary of State office, allows residents to check their voter registration status online.

Voter ID requirements

Colorado requires voters to present non-photo identification when voting in person. If voting by mail for the first, a voter may also need to return a photocopy of his or her identification with their mail-in ballot. Click here for more information.

The following list of accepted forms of identification was current as of October 2025. Click here for the most current information, sourced directly from the Office of the Colorado Secretary of State.

“

The following documents are acceptable forms of identification: A valid Colorado driver’s license or valid identification card issued by the Colorado Department of Revenue. (Note: documents issued to not lawfully present and temporarily lawfully present individuals under Part 5 of Article 2 of Title 42, C.R.S. are not acceptable forms of identification.) A valid U.S. passport. A valid employee identification card with a photograph of the eligible elector issued by any branch, department, agency, or entity of the U.S. government or of Colorado, or by any county, municipality, board, authority, or other political subdivision of Colorado. A valid pilot’s license issued by the federal aviation administration or other authorized agency of the U.S. A valid U.S. military identification card with a photograph of the eligible elector. A copy of a current (within the last 60 days) utility bill, bank statement, government check, paycheck, or other government document that shows the name and address of the elector. A Certificate of Degree of Indian or Alaskan Native Blood. A valid Medicare or Medicaid card issued by the Centers for Medicare and Medicaid Services. A certified copy of a U.S. birth certificate for the elector. Certified documentation of naturalization. A valid student identification card with a photograph of the eligible elector issued by an institute of higher education in Colorado, as defined in section 23-3.1-102(5), C.R.S.. A valid veteran identification card issued by the U.S. department of veterans affairs veterans health administration with a photograph of the eligible elector. A valid identification card issued by a federally recognized tribal government certifying tribal membership. Any form of identification listed above that shows your address must show a Colorado address to qualify as an acceptable form of identification. The following documents are also considered acceptable forms of identification for voting: Verification that a voter is a resident of a group residential facility, as defined in section 1-1-104(18.5), C.R.S. Verification that a voter is a person committed to the department of human services and confined and eligible to register and vote shall be considered sufficient identification of such person for the purposes of section 1-2-210.5, C.R.S. Written correspondence from the county sheriff or his or her designee to the county clerk indicating that a voter is confined in a county jail or detention facility.

”

• Note: SB 1, signed into law on May 12, 2025, specified that tribal IDs issued by the Bureau of Indian Affairs, the Indian Health Service, or another federal agency were also valid identification.

See also

2024 measures

• 2024 ballot measures
• Taxes on the ballot
• Property on the ballot
• 2024 petition deadlines

Colorado

• Colorado ballot measures
• Colorado initiative laws

News and analysis

• Ballot measure lawsuits
• Ballot measure readability
• Ballot measure polls
• Ballot measure signature costs

External links

• Colorado Secretary of State Initiative Filings
• Full text