Guest Columnist – Fenberg: “Prop HH Will Avoid A Crisis and Save Colorado Families Money”

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By Steve Fenberg, Colorado Senate President

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Colorado is a great place to live, but now we face a growing threat due to skyrocketing home values and a dire shortage of housing inventory. This real estate surge has led to property tax hikes projected to hit an average of 40%, leaving many hardworking families and seniors anxious about how to manage these escalating costs.

Failure to address this issue could have disastrous consequences for those on fixed incomes, renters grappling with soaring rent prices, and small businesses already dealing with post-pandemic inflation. It’s vital to act now to protect Coloradans and shield our economy from further harm.

This is why I worked alongside the Democratic majority in the Colorado State Legislature to refer Prop HH to the ballot, a critical measure that can mitigate property tax increases without jeopardizing essential services like schools, fire districts, water districts, and local governments that depend on property tax revenue.

So, what exactly is Prop HH? Opponents on the far right have attempted to mislead voters with scare tactics and misinformation, so let’s clarify the details. Prop HH provides immediate property tax relief for all by reducing assessment rates and deducting $50,000 from the taxable value of primary residences in 2023, with a subsequent deduction of $40,000 in the following years.

Prop HH Will Avoid A Crisis and Save Colorado Families Money

This shift creates a more equitable property tax system, favoring homeowners over owners of vacation or investment properties. On average, homeowners will save over $500 annually, effectively cutting the projected 40% tax increase in half. In broader terms, this equates to annual savings of $1 billion to $1.6 billion for homeowners, seniors, and businesses across Colorado.

Prop HH represents a responsible tax cut, entirely funded by a portion of the state’s surplus. These surplus funds will be used to support schools, fire districts, and local governments. Any surplus beyond the local backfill requirements will be allocated to the State Education Fund, marking a significant step in addressing decades of underfunding in K-12 education, primarily caused by TABOR (Taxpayer Bill of Rights).

If the economy continues to grow, Colorado families can anticipate substantial TABOR refunds over the next decade. With Prop HH’s passage, all Colorado taxpayers will receive over $800 in their next TABOR refund, directly benefiting the state’s residents. Beyond tax relief, Prop HH also extends crucial benefits to seniors. It makes the Senior Homestead Exemption retroactive and portable, allowing seniors who lost this benefit due to relocation to regain it.

This provides seniors with greater flexibility in downsizing without compromising their financial stability. In essence, Prop HH is a win-win for taxpayers, preserving the unique Colorado way of life in our mountain communities. I hope you’ll join me in voting “yes” on Prop HH, ensuring the protection and prosperity of Colorado’s stunning mountain regions.

Your vote is not just about tax relief; it’s a commitment to safeguarding our most vulnerable citizens and fortifying the economic resilience of our beloved state.

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Prop HH Will Avoid A Crisis and Save Colorado Families Money