There are 2 state tax issues on this year’s ballot. Let’s dive into what will happen if either Proposition HH and II are passed. 

Proposition HH would lower property taxes owed for homes and businesses for at least ten years. It would also allow the state to retain TABOR money that would otherwise be paid to taxpayers until 2032 and use it to reimburse local governments for lost property tax value, put up to $20 million a year into rental assistance, and put the remaining funds into education. Within the ten year time taxpayers could not vote again to remove the proposition. A vote no would still retain the current law. 

Proposition II would allow the state to retain an overestimate of 23.65 million dollars in tobacco tax revenue. When proposition EE was passed, it raised the taxes on nicotine and tobacco products. The state had initially estimated that 186.5 million dollars of revenue would be collected from this, but over 200 million dollars was collected. According to state law the excess money and interest would have to be repaid to the tobacco and nicotine industry, as well as an 11.53 percent reduction in tax rates. If Proposition II was yes, this 23.65 million dollars would go into preschool programs and help in providing preschool education to low income families. A vote no would mean that the current state law would go through and the money would be refunded. 

Results – HH lost with about 60% voting against and 40% voting for, while II won with 66.7% voting for and 33.3% voting against. 

Cites

https://media.bizj.us/view/img/10190286/thinkstock-colorado-election-ballot*900xx3829-2156-0-0.jpg

State Voter Guide 2023