Ballot Initiative #27 known as the “Property Tax Assessment Rate Reduction” has been determined by the Secretary of State to qualify for the 2021 statewide ballot.  The goal of Initiative 27 is “to reduce the residential property tax assessment rate from 7.15% to 6.5% and the non-residential property tax assessment rate from 29% to 26.4% with authorization to retain and spend 25 million per year for 5 years credited to homestead exemptions.”

The initiative also allows includes preemptive language allowing for a backfill of funds to local governments to off-set lost revenue during fiscal years 2022-2027 caused by the reduction in the property tax assessment.  The language reads: “for the purposes of off-setting lost revenue resulting from a reduction in property tax and to fund state reimbursements to local government entities for the application of the homestead exemption… the State shall be authorized to retain and spend up to 25 million per year in revenue for warrants otherwise authorized under this section.

Proponents of the initiative submitted 192,562 petition signatures, and needed 124,632 valid signatures to qualify for the ballot.  Proponents include Michael Fields, Executive Director, Colorado Rising Action and Suzanne Taheri, Maven Law Group and former Deputy Secretary of State.

Source: Colorado Chamber of Commerce