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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). 

Colorado’s Economic Recovery Through the Lens of Taxable Sales

Colorado’s Economic Recovery Through the Lens of Taxable Sales

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Colorado economic activity as proxied by taxable sales, generated from the purchase of taxable goods and services, has more than fully recovered. Through the end of 2021, this crucial driver of both state and local sales tax revenue has grown well beyond pre-pandemic levels, even after adjusting for population growth and recent inflation.