Initiative to cap Colorado property tax increases at 4% approved for 2024 ballot
Coloradans will decide whether to cap property taxes at 4% when they vote in the November 2024 general election.
Colorado Secretary of State Jena Griswold's office announced enough valid signatures were gathered to put Initiative #50, also called the “Voter Approval to Retain Additional Property Tax Revenue,” on the ballot. Since the initiative will change the Colorado Constitution, signatures were required from each state Senate district equal to 2% of the total registered voters in addition to meeting a threshold of 124,238. There were 277,357 signatures delivered, according to Griswold's office.
Advance Colorado, the conservative advocacy group backing the measure, gathered 172,231 valid signatures in 57 days, according to the organization.
Assessed valuations of property drastically increased earlier this year and resulted in property taxes increasing as much as 50% in some areas of the state. The proposed constitutional amendment would cap the increase in statewide property tax revenue at 4% annually. However, voters could allow the government to keep more through a statewide vote.