How much could Prop HH save you in property taxes? Try this calculator
DENVER (KDVR) — If you’re wondering how much Proposition HH could lower property taxes in Colorado, a new calculator gives an estimate.
Prop HH will go before voters in November. The measure would lower property taxes for the next 10 years and increase the state’s revenue cap to help fund local governments — meaning lower and sometimes nonexistent refund checks under the Taxpayer’s Bill of Rights.
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While Prop HH requires an initial vote of the people, it could be extended without voter approval.
Prop HH property tax estimates
The 2023 ballot information booklet was published by the nonpartisan Legislative Council of the Colorado legislature, which also published a tool to help estimate property taxes under Prop HH.
The ballot book shows estimated property tax reductions for both residential and nonresidential properties.
Residential property value | 2023: Average change in property tax | 2024: Average change in property tax |
$100,000 | -$167 to -$177 | -$212 to -$223 |
$350,000 | -$179 to -$239 | -$276 to -$331 |
$500,000 | -$186 to -$276 | -$314 to -$396 |
$700,000 | -$195 to -$326 | -$364 to -$483 |
$1 million | -$208 to -$400 | -$440 to -$613 |
There would be further residential property tax reductions in 2025 and a larger reduction for qualifying seniors, according to the ballot book. Non-primary residences would start seeing a smaller reduction starting in 2025.
Nonresidential properties would also see reductions through Prop HH.
Nonresidential property valued at $1 million | 2023: Average change in property tax | 2024: Average change in property tax |
Lodging and commercial | -$34 to -$847 | -$802 to -$1,550 |
Industrial, natural resources, state-assessed properties | -$35 to -$873 | $802 to -$1,550 |
Agriculture and renewable energy-producing property | -$0 to -$795 | -$0 to -$709 |
Renewable energy agricultural land | -$0 to -$795 | -$3,139 to -$3,726 |
Vacant land | -$35 to -$873 | -$0 to -$778 |
Oil and gas and mines | No change | No change |
Further tax reductions for nonresidential properties vary by sector or industry, as laid out in the ballot book.
These are just estimates. To get a better idea of how your property taxes could change where you live or own property, check out the Proposition HH calculation tool here. It gives an estimate of how TABOR refunds could be affected, as well.
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The Prop HH calculator is maintained by the Legislative Council Staff, which is the nonpartisan research arm of the Colorado legislature.
How does Prop HH work?
Prop HH would lower the taxable portion of a property’s market value and create a limit on property tax revenue for most local governments. It would also allow a transferrable homestead exemption for older Coloradans.
The proposed law would increase the cap on state revenue, lowering the amount refunded to Colorado taxpayers under TABOR. The excess funds would be used for education, local governments and rental assistance.
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Prop HH also would allow a one-time flattening of the TABOR refund amount for the 2023 tax year — an estimated $898 for single filers and double that for joint filers, according to the ballot book. But it could also mean the elimination of TABOR refunds in years when revenue exceeds the existing cap but is lower than the new cap.
While Prop HH would be in effect for 10 years, lawmakers could extend it without further voter approval, according to the ballot book.
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