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Proposition HH Brief: Economic Impact of Taxes Increasing Above Historic Trend

Proposition HH Brief: Economic Impact of Taxes Increasing Above Historic Trend

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Prop HH would make several changes to state property taxes and changes to state revenue limits, including: reducing property tax rates, creating two new subclasses of residential property effective in 2025, providing funds to local governments to make up for decreased property tax revenues (referred to as backfilling), creating  limit on local government property tax revenue, increasing the cap on state revenue (Prop HH Cap) allowing  the state to retain revenue up to the newly created cap, that would otherwise be required to refund to residents under the Colorado Taxpayer Bill of Rights (TABOR).