As the November ballot draws near, Summit County residents have a unique opportunity to shape the future of their community. Proposition HH, a historic measure that promises substantial property tax reductions, stands at the forefront of this year’s decisions. This initiative not only seeks to provide much-needed relief to Colorado families and businesses but also preserves crucial funding for essential services like education. In this blog post, we’ll dive into the details of Proposition HH and explore how it can positively impact Summit County and its residents.
A Glimpse at Proposition HH
Proposition HH emerges as a beacon of hope for homeowners, businesses, seniors, and renters alike. This comprehensive measure is a collaborative effort between the Polis Administration and the legislature, designed to address the challenges posed by rapidly rising property values across Colorado. Its multifaceted approach aims to alleviate the burden of property taxes while safeguarding the vital services that rely on this revenue.
The Problem: Escalating Property Values and Tax Burdens
Colorado’s allure has led to an influx of new residents, driving property values to unprecedented heights. Consequently, homeowners throughout the state have witnessed a surge in their property taxes, sometimes amounting to hundreds or even thousands of dollars in a single year. With average home values soaring by nearly 44% in the past two years, the need for a sustainable solution is evident.
The Solution: Property Tax Relief in Five Key Components
Proposition HH introduces a set of strategic measures to counter the challenges posed by escalating property taxes:
- Colorado Homeowners: The measure slashes assessment rates for single and multi-family residential properties to 6.7%, accompanied by reductions in assessed values of $50,000 in 2023 and $40,000 in subsequent years. These adjustments will translate into an average savings of $1,078 for homeowners over the next two years.
- Colorado Seniors: Seniors eligible for the Senior Homestead Exemption can now move without losing their property tax benefits. For Coloradans aged 65 and above who have owned a home for a decade, an assessed value reduction of $150,000 in 2023 and $140,000 in the future will be applicable, regardless of their change in residence.
- Colorado Businesses: To bolster local businesses, the measure proposes a gradual reduction in business property assessment rates by 11% over the coming decade.
- Renters: Acknowledging the trickle-down effect of increased property taxes on renters, Proposition HH dedicates up to $20 million annually to assist renters in managing a portion of their rent.
- Property Tax Growth Cap: To ensure sustainable growth, the measure enforces a cap on local district property tax collections, tied to the inflation rate. Any excess revenue above this cap requires public discourse and approval before being retained.
Preserving Vital Services
While reducing property tax rates is essential, the proposition ensures that essential services like schools, fire districts, and libraries are not compromised. By allowing the State to retain a portion of the collected revenue that would otherwise be refunded to taxpayers, these services can continue to function without disruptions.
The Choice is Yours: A Brighter Future for Summit County
As Summit County residents prepare to cast their votes in November, Proposition HH stands as a remarkable opportunity to reshape the community’s landscape. By voting in favor of this measure, you are not only securing substantial property tax relief but also upholding the foundation of essential services that make Summit County an exceptional place to live.
Proposition HH offers a path to a more affordable, equitable, and thriving Summit County. Join the movement for positive change and be a part of the transformation by voting “Yes” for Prop HH this November.