Around 200K signatures submitted for property tax initiative

DENVER (KDVR) — A measure meant to reduce the impact of high property tax increases across Colorado has already made the November ballot, and now an accompanying measure is a step closer to making it too.

Supporters of the initiative believe something needs to be done to further reduce property tax increases. Opponents feel groups behind the effort are taking the wrong approach and potentially putting local services at risk.

“People want relief now. That’s what 108 would do,” Michael Fields of Advance Colorado said about one of the initiatives.

Initiative 108, Proposition 50

Fields is sponsoring the two ballot initiatives meant to stop property tax spikes in Colorado. Around 200,000 signatures to get Initiative 108 onto this year’s ballot were turned in to the Colorado Secretary of State’s Office on Tuesday.

“108 would cut the assessment rates for residential, so homeowners, and for businesses,” Fields said. “It would cut the rate so we would pay lower taxes, closer to what we were paying a couple of years ago before that huge spike that we saw.”

Fields is also backing a proposed cap of 4% on property tax increases, which has already qualified for this year’s ballot as Proposition 50 .

“Property taxes could go up 4% each year but they can’t go higher than that without voter approval. So it would place a cap,” Fields said, adding that 39 different states have caps on property tax increases.

“So this 4% cap would protect against these big spikes that we’ve seen in the last few years,” Fields said.

Property taxes and public services at issue

Fields said he believes voters will support both measures. But some opponents are already asking voters to vote no on both, fearing a negative impact on local government budgets for services because of a loss in property tax revenue.

“I don’t think 108 and 50 are the right solution for Colorado at all,” Summit County Commissioner Tamara Pogue said. “I think as a county commissioner, I work really hard to balance the needs of my community from an affordability standpoint with the need for services local governments provide. Everything from roads to schools to our fire districts to law enforcement. These things are all funded by property taxes in Colorado.”

Fields said a mechanism for making sure those services maintain funding is best handled at the state level.

“That’s what people want. We’ve done polling on this — they want the state to come in and backfill those localities to make sure local services are taken care of,” Fields said.

To qualify for the ballot, the signatures in support of Initiative 108 need to be verified. Supporters said if the ballot measures pass, they will undo all the major property tax bills passed at the state Capitol this year.

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