By Marissa Ventrelli | Colorado Politics
A ballot initiative to reduce property tax assessment rates has received enough signatures to qualify for the November 2024 ballot, its sponsors announced Tuesday.
Proposition 108, also known as the Citizens’ Tax Cut, has submitted nearly 200,000 signatures to the Secretary of State’s Office, exceeding the required threshold by over 75,000. The signatures will now undergo a verification process to ensure their validity.
Backed by Advance Colorado and Colorado Concern, Proposition 108 aims to reduce assessment rates to 5.7% for residential properties and 24% for commercial properties. If passed alongside Constitutional Amendment 50, which is also on the ballot this November, Proposition 108 would cut this year’s tax increase and limit future increases to a maximum of 4%.