Colorado voters rejected a new law that could have shaken up its housing market by lowering tax refunds but reducing property taxes longer-term.On Tuesday, residents voted against Proposition HH, which would have lowered tax refunds but cut property tax increases over the next decade.The vote has ensured Coloradans' Taxpayer Bill of Rights will remain unchanged.
''Requiring homeowners to navigate a convoluted application process for a market value reduction is a recipe for confusion and frustration. What's more, the lack of immediate voter oversight allows the state legislature to tweak local property taxes for an entire decade without accountability.'Others said the benefits of Proposition HH outpaced any cons for the state at large.
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