Colorado Tax on Luxury Real Properties Initiative (2024)
| Colorado Tax on Luxury Real Properties Initiative | |
|---|---|
 | |
| Election date November 5, 2024 | |
| Topic Taxes | |
| Status Not on the ballot | |
| Type Amendment & Statute | Origin Citizens |
The Colorado Tax on Luxury Real Properties Initiative was not on the ballot in Colorado as an combined initiated constitutional amendment and state statute on November 5, 2024.
This initiative would have established a statewide property tax on residential real property with an actual value of at least $2 million dollars, exempt the tax from limitation upon the amount of revenue collected from the levy of taxes upon real and personal property throughout the state, and use the revenue to support local services in local communities.[1]
Text of measure
Ballot title
The ballot title for the initiative is below:[2]
| “ | Shall state taxes shall be increased conditionally in order to increase or improve levels of public service provided through property taxes by an amendment to the Colorado constitution and a change to the Colorado Revised Statutes that create a new statewide conditional tax on certain residential real property, and, in connection therewith, removing the constitutional prohibition on any new statewide real property tax; creating a new conditional statewide tax upon single-family residential real property worth at least two million dollars, adjusted for inflation, that will only be imposed when a statewide limit on property tax revenue causes a reduction in statewide property tax revenue; requiring that the new tax revenue be distributed to local communities to replace revenue otherwise lost by imposition of the statewide limit; and exempting the new tax revenue from the Taxpayer’s Bill of Rights revenue cap?[3] | ” |
Full text
The full text is available here.
Path to the ballot
The state process
In Colorado, the number of signatures required to qualify an initiated constitutional amendment 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. For initiated constitutional amendments, signature gathering must be distributed to include signatures equal to 2 percent of the registered voters who live in each of the state's 35 senate districts.
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.
Constitutional amendments in Colorado require a 55% supermajority vote to be ratified and added to the state constitution. This requirement was added by Amendment 71 of 2016.
The requirements to get an initiated constitutional amendment 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 Scott Wasserman and Ed Ramey on November 17, 2023.[1]
- Sponsors did not submit signatures by the deadline on August 5, 2024.[1]
See also
External links
Footnotes
- ↑ 1.0 1.1 1.2 Colorado Secretary of State, "Initiative Filings," accessed December 8, 2023
- ↑ https://www.sos.state.co.us/pubs/elections/Initiatives/titleBoard/results/2023-2024/96Results.html Colorado Secretary of State, "Results for Proposed Initiative #96," accessed December 23, 2023]
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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