The only thing I write about more than once is grandkids.
Even then, it’s usually because a different one of the four kiddos said something cute. It’s all so cute. But this time, returning to the same topic is serious business.
I was covering a meeting about a week ago and one of the members of the board I was covering, mentioned proposition HH, which will be on the November ballot, as a possible help.
It won’t be. In fact, as I shared several months ago in the Viewpoint, it will cost you every single TABOR dollar you or anyone in the state of Colorado will ever get.
It is a scam and a ruse to steal your TABOR money. It is NOT a property tax reduction. Property tax may go UP less but it is because they are keeping your TABOR refunds forever.
The bill, if passed, would refer Proposition HH to voters who would decide whether to reduce residential property tax assessment rates from 7.15% to 6.7% in 2023 and 2024. That’s less than a half percent.
So, here’s the deal. This is all in the 2023 Ballot information booklet. For state budget year 2023-24, an estimated $60 million will be refunded to taxpayers through an existing property tax mechanism as a result of the passage of this measure. Yeah! $60 million for our side (the taxpayer). But as the Ginsu steak knife salesman says, “But wait, there’s more.”
Beginning in state budget year 2024-25, the measure will reduce revenue RETURNED to tax payers by an estimated $170 million with this reduction increasing to $360 million the next state budget year.
So, for the sake of comparison, let’s say that for the next three budget years (2023-24; 2024-25; and 2025-26) we the people get a $60 million ‘refund’ each year.
That equals $180 million. Break out the party hats Nellie.
But, in just two fiscal years (2024-25; and 2025-26) $530 million in revenue will not be returned because of the seizure of our TABOR money. It gets worse, the bill authorizes the state legislature to retain your TABOR revenue at least through 2032; and, after that, WITHOUT further voter approval they can keep it forever. Let’s see, do you really think the people who brought you this scam will give the TABOR money back after 2032?
Now, part of the bill is that local governments will have the option to opt out of collecting some of your money; and the guys trying to use a little magic to make us vote for the bill say that will return up to $510 million back to us in 2024. IF, let me repeat IF, your local state governments opt to give up that revenue for themselves.
I wander what the odds-makers in Vegas would give you on that proposal.
Most of the changes (again, according to the voter’s guide) remain in effect through state budget year 2031-32 and may be extended by the state legislature for future budget years without voter approval- without voter approval… without voter approval.
It is a complicated issue. They also try to gain voter support by focusing on the children in school. Increases in property taxes impact people’s ability to send their students to school. If proposition HH passes, school districts will get less money than projected from your property taxes, but it will be backfilled by the state who kept all of your TABOR refund.
Now hear this: If Proposition HH fails, school districts will get the same amount of money simply from your property taxes going up. One Boulder businessman gave $50,000 to oppose Proposition HH.
Bill Witter said, “I do think that the Colorado legislative majority and Governor Jared Polis are not transparently or honestly presenting to Colorado voters the likely, long-lasting effects of HH if it passes in November.” Witter wrote: “Measly temporary tax relief for permanent loss of TABOR refunds.”