Proposition 120: Voters will decide if Colorado property taxes will go down — at least for some
A law passed in the final days of Colorado’s 2021 legislative session gutted Proposition 120 to apply only to property tax assessment rates for multifamily housing and lodging properties
The Colorado Sun
Colorado’s residential property taxes are already among the nation’s lowest, but a measure on the 2021 statewide ballot would drop them ever lower — for some.
Proposition 120 would, if approved by voters, reduce the property tax assessment rates for multifamily housing to 6.5% from 7.15% starting in 2022. If you owned affected property valued at $300,000, you would pay $1,950 per 100 mills (a mill is a $1 payment on every $1,000 of assessed value) versus $2,145.
The rate would also be reduced under Proposition 120 for lodging properties from 29% to 26.4%. If you owned affected property valued at $300,000, you would pay $7,920 versus $8,700.
Here’s a deeper look at Proposition 120:
Read more via The Colorado Sun.