2021 State Ballot Information Booklet

NOTICE OF ELECTION TO INCREASE

TAXES ON A CITIZEN PETITION

2021 State Ballot

Information Booklet

STATEWIDE ELECTION DAY

is Tuesday, November 2, 2021

Voter service and polling centers are open 7 a.m. to 7 p.m. on Election Day.

Ballots are mailed to all registered voters between October 8 and October 15, 2021.

Legislative Council of the Colorado General Assembly

Research Publication No. 759-1

This publication and additional statewide ballot information are

available at: https://leg.colorado.gov/bluebook

A “yes/for” vote on any ballot issue is a vote in favor of changing

current law or existing circumstances, and a “no/against” vote on

any ballot issue is a vote against changing current law or existing

circumstances.

Este folleto informativo de la balota estatal está disponible en

español por internet en:

https://leg.colorado.gov/2021folletoinformativo





An audio version of the book is available through the Colorado

Talking Book Library at:

https://myctbl.cde.state.co.us/legislative-blue-book



where to vote, how to register to vote, and what is on your ballot.



back cover of this book or online at:

https://www.coloradosos.gov/pubs/elections/Resources/





COLORADO GENERAL ASSEMBLY

LEGISLATIVE COUNCIL

ROOM 029 STATE CAPITOL

EXECUTIVE COMMITTEE

DENVER, COLORADO 80202-1784

COMMITTEE

Sen. Leroy Garcia, Chair

E-mail: [email protected]

Rep. Adrienne Benavidez

Rep. Alec Garnett, Vice-Chair

Phone: 303-866-4799

Sen. James Coleman

Rep. Daneya Esgar

Sen. John Cooke

Sen. Stephen Fenberg

Sen. Kerry Donovan

Sen. Chris Holbert

Rep. Tim Geitner

Rep. Hugh McKean

Rep. Dominique Jackson

Rep. Chris Kennedy

Sen. Paul Lundeen

STAFF

Sen. Dominick Moreno

Natalie Mullis, Director

Rep. Kyle Mullica

Cathy Eslinger, Research Manager

Rep. Rod Pelton

Sen. Jim Smallwood

September 10, 2021

This booklet provides information on the three statewide measures on the November 2,

2021, ballot. Following a quick ballot reference guide, the information is presented in three

sections.

Section One — Analyses. Each statewide measure receives an analysis that includes a

description of the measure and major arguments for and against. Careful consideration has

 

 

leg.colorado.gov/bluebook. The state



these analyses and distribute them in a ballot information booklet to registered voter

households.

Section Two — Titles and Text. For each measure, this section includes the title that

appears on the ballot and the legal language of each measure, with new laws in capitalized

letters and laws that are being eliminated in strikeout type.

 The booklet concludes with

 

provide you with information on voter service and polling centers, absentee ballots, and

early voting.

Statewide Measures on the 2021 Ballot

Table 1 lists the measures on the 2021 ballot. Of the three measures on the ballot, two

propose changes to the state statutes, and one proposes changes to both the state

constitution and state statutes. All three measures were placed on the ballot by citizens

through the signature-collection process.

Amendments. A measure placed on the ballot through the signature-collection process that

amends the state constitution is labeled an “Amendment,” followed by a number between

1 and 99. A measure placed on the ballot by the state legislature that amends the state

constitution is labeled an “Amendment,” followed by a letter.

Propositions. A measure placed on the ballot through the signature-collection process that

amends the state statutes is labeled a “Proposition,” followed by a number between 100 and

199. A measure placed on the ballot by the state legislature that amends the state statutes

or that is referred as a tax question is labeled a “Proposition,” followed by a double letter.

Voter approval is required in the future to change any constitutional measure adopted

by the voters, although the legislature may adopt statutes that clarify or implement these

 

legislature, with the approval of the Governor, may change any statutory measure in the

future without voter approval.

Under provisions in the state constitution, passage of a constitutional amendment requires

at least 55 percent of the votes cast, except that when a constitutional amendment is limited

to a repeal, it requires a simple majority vote. In 2021, Amendment 78 requires 55 percent

of the vote to pass. Propositions 119 and 120 require a simple majority vote to pass.

Table 1

Statewide Measures on the 2021 Ballot

Amending the Constitution and State Statutes

Amendment 78 Legislative Authority for Spending State Money 55% Vote to Pass

(Initiative 19)

Amending State Statutes

Proposition 119

(Initiative 25)

Learning Enrichment and Academic Progress

Program

Simple Majority Vote to Pass

Proposition 120

(Initiative 27)

Property Tax Assessment Rate Reduction Simple Majority Vote to Pass

Quick Ballot Reference Guide.............................................. 1

Amendment 78: Legislative Authority for Spending

State Money ........................................................................... 3

Summary and Analysis....................................................................................... 4

Argument For and Against ................................................................................. 6

Fiscal Impact ...................................................................................................... 6

Title and Text .................................................................................................... 21

Proposition 119: Learning Enrichment and Academic

Progress Program ................................................................. 7

Summary and Analysis....................................................................................... 8

Arguments For and Against.............................................................................. 10

Fiscal Impact .................................................................................................... 10

State Spending and Tax Increases................................................................... 12

Title and Text .................................................................................................... 23

Proposition 120: Property Tax Assessment

Rate Reduction ................................................................... 15

Summary and Analysis..................................................................................... 16

Argument For and Against ............................................................................... 19

Fiscal Impact .................................................................................................... 19

Title and Text .................................................................................................... 36

Contact Information for

 .............................. Inside Back Cover



Amendment 78: Legislative Authority for

Spending State Money

Placed on the ballot by citizen initiative • Passes with 55 percent of the vote

Ballot Title What Your Vote Means

Shall there be an amendment to the Colorado

Constitution and a change to the Colorado Revised

Statutes concerning money that the state receives, and,

in connection therewith, requiring all money received

by the state, including money provided to the state for

a particular purpose, known as custodial money, to be

subject to appropriation by the general assembly after





requiring all custodial money to be deposited into the

newly created custodial funds transparency fund and

the earnings on those deposits to be transferred to the



all custodial money and earnings and revenue on that



YES

A “yes” vote on Amendment 78

requires that all state spending

be allocated by the state legislature and that

custodial money be deposited in and spent from

a new fund.

N O

A “no” vote on Amendment 78 allows

state agencies to continue spending

custodial money and certain other money

without appropriation by the state legislature.

Proposition 119: Learning Enrichment and

Academic Progress Program

Placed on the ballot by citizen initiative • Passes with a majority vote

Ballot Title What Your Vote Means















































YES

A “yes” vote on Proposition 119



other out-of-school enrichment and instruction

through an increase in retail marijuana taxes

and transfers from existing state funds.

N O

A “no” vote on Proposition 119 means

the program will not be created and

funded.

Proposition 120: Property Tax Assessment Rate

Reduction

Placed on the ballot by citizen initiative • Passes with a majority vote

Ballot Title What Your Vote Means

Shall there be a change to the Colorado Revised

Statutes concerning property tax reductions, and, in

connection therewith, reducing property tax revenue by



amounts thereafter by reducing the residential property

tax assessment rate from 7.15% to 6.5% and reducing

the property tax assessment rate for all other property,

excluding producing mines and lands or leaseholds

producing oil or gas, from 29% to 26.4% and allowing





years 2022-23 through 2026-27 as a voter-approved



the property tax rate reductions and to reimburse local

governments for revenue lost due to the homestead

exemptions for qualifying seniors and disabled



IMPORTANT NOTE: The description of Proposition

120 in this voter information guide diers from the

language in the ballot question because a law that

changed the eect of the measure was passed by the

state legislature after the ballot question was written.

YES

A “yes” vote on Proposition 120

lowers property tax assessment rates

for multifamily housing and lodging properties.

It does not impact assessment rates for other

types of residential and nonresidential property.

N O

A “no” vote on Proposition 120 retains

the assessment rates for lodging and

multifamily housing properties that are in current

law.

Legislative Authority for

Spending State Money

Placed on the ballot by citizen initiative • Passes with 55 percent of the vote

Amendment 78 proposes amending the Colorado Constitution and the

Colorado statutes to:

y prohibit state agencies from spending money received for a particular purpose



y require that custodial money be deposited into a newly created fund and that

interest earned on money in the fund be transferred to the state’s General



y require that the state legislature allocate any spending from the new fund

each year following a public hearing.

What Your Vote Means

YES

A “yes” vote on Amendment 78

A “no” vote on Amendment 78

requires that all state spending

allows state agencies to continue

be allocated by the state legislature and

spending custodial money and certain other

that custodial money be deposited in and

money without appropriation by the state

spent from a new fund.

legislature.

Summary and Analysis for Amendment 78

What does this measure do?

The measure requires all state spending to be directly allocated, or “appropriated,”

by the state legislature. In state government, an appropriation is the primary way

the legislature directly allocates money to be spent for state programs. By requiring

appropriations for all spending, the measure disallows other currently legal ways for



Governor or the Attorney General, to spend money without a direct allocation by the

state legislature.

In addition, the measure deposits custodial money in a new fund, called the Custodial

 

that must be used for a particular purpose. This includes money received from the

federal government, as a legal settlement from a lawsuit, or as a donation from a private

individual or organization. The word “custodial” is used to refer to the money because

the state acts as the custodian of the money to ensure that it is spent on the intended

purpose.

Each year, the legislature must allocate spending from the new fund and hold a public

hearing with an opportunity for public comment. Any interest earned on money in the

new fund is placed in the state’s General Fund, where it may be used for any purpose.

How is spending authorized now?

Under the Colorado Constitution, the state legislature has the power to direct how money

will be spent by the government through the annual budget process. Each year, the

state legislature passes the annual budget bill, completing a process that includes time

for public input and debate by legislators. This bill sets the amount of funding available

for state programs, allowing state agencies to legally spend the money allocated to

them. The budget does not typically determine the spending of custodial money, as



they must be used is already determined. The legislature may also pass laws that

authorize spending outside of the budget process.

How would the measure change the process for spending custodial money?

All state spending would require direct legislative allocation, including the spending

of custodial money. The measure does not change the particular purpose for which

 

spending decisions than state agencies would to address that purpose, and the timing of

when some moneys are spent may change.

The state receives custodial money throughout the year, including when the legislature

is typically out of session between May and December. Implementation of the measure

could require the legislature to establish a new process to allow spending of custodial

money outside of the regular legislative session, or to meet for a special session. These





delayed or interrupted operations until spending is directly allocated.



The state legislature would have to directly allocate the spending of all funds, including

the following types of money that are not part of the current budget process.

• Emergency relief funds.  

federal relief funds through the Coronavirus Aid, Relief, and Economic Security Act

(CARES Act), which was spent according to the Governor’s executive order.

• Other money from the federal government. The federal government provides

regular funding for many state programs each year including, but not limited to,

health care and human services, transportation, and education programs. This

money is custodial when federal law says how it should be spent. Only some of this

spending is currently directly allocated by the legislature.

• Legal settlements. The state receives funds from various legal settlements, such

as prior and ongoing opioid-related settlements. These funds are spent by state

agencies according to the applicable court orders.

• Transportation funding. Under an existing law, nearly all funding for state

transportation projects is allocated by an independent commission rather than by the

state legislature.

• Grants. State agencies may receive competitive grant awards from the federal



programs or purposes for which the grant was awarded.

• Gifts and donations. State agencies, colleges, and universities may receive and

spend gifts or donations.

What are other impacts of this measure?

State revenue limit. Under current law, most and maybe all custodial money and the

interest earned on it are exempt from the state’s constitutional revenue limit. Under the

measure, all custodial money and the interest earned on it are exempt.

Interest revenue. Currently, interest earned on custodial money remains available for

the same purpose as the custodial money. This measure would move interest earned on

the Custodial Fund Transparency Fund into the General Fund, where it could be spent

by the legislature for any purpose.

For information on those issue committees that support or oppose the

measures on the ballot at the November 2, 2021, election, go to the

Colorado Secretary of State’s elections center web site hyperlink for ballot

and initiative information:

https://www.sos.state.co.us/pubs/elections/Initiatives/InitiativesHome.html

 

Argument For Amendment 78

1) The measure increases transparency and accountability in state government. The

Governor, the Attorney General, and unelected administrators in state agencies

currently spend large amounts of custodial money, often without public input or

accessible public records. By requiring that all state spending be directly allocated

by the state legislature, the measure allows for public participation and provides

transparency in how funds are spent.

Argument Against Amendment 78

1) 

unintended consequences. A longer allocation process could delay or interrupt



Further, making grant funding subject to additional steps could jeopardize Colorado’s

competitiveness for grant awards, resulting in the state receiving less money.

Finally, the measure shifts decision-making from program experts and independent

commissions to a political process in the state legislature.

Fiscal Impact for Amendment 78

Amendment 78 increases state spending on the budgeting process, may change how



State spending.  

 



proposed spending of custodial money for allocation by the state legislature.



decisions than would be made by state agencies. While the purpose of the spending



purpose.

State revenue. The overall impact of the measure on state revenue is unknown and

depends on how the measure is implemented. Because custodial funds must be placed

in the new fund before being spent, the measure could move interest earnings to the

General Fund rather than funds controlled by state agencies. However, whether interest



return of the two funds and the amount of time the money remains in the new fund.

Learning Enrichment and

Academic Progress Program

Placed on the ballot by citizen initiative • Passes with a majority vote

Proposition 119 proposes amending the Colorado statutes to:

y create the Colorado Learning Enrichment and Academic Progress program

to help certain Colorado youth access and pay for out-of-school learning



y pay for the program by raising retail marijuana taxes and using other existing

state funds.

What Your Vote Means

YES

A “yes” vote on Proposition 119

A “no” vote on Proposition 119

 means the program will not be

and other out-of-school enrichment and created and funded.

instruction through an increase in retail

marijuana taxes and transfers from existing

state funds.



Summary and Analysis for Proposition 119

What does the measure do?

The measure creates the Learning Enrichment and Academic Progress program



out-of-school learning and enrichment opportunities like tutoring. Children between

the ages of 5 and 17 who live in Colorado will be eligible to apply for the program. The

program will be funded using revenue raised from increasing retail marijuana taxes by

 

 

State Land Trust, which helps fund public schools, to the State Public School Fund.

What are out-of-school learning and enrichment opportunities?



program, service, system, activity, materials, or purchase that provides additional

educational or developmental support to youth outside of the regular school day. These

opportunities can include, but are not limited to, tutoring, targeted assistance for youth

with special needs, second language training, additional academic learning support

materials, career and technical educational training programs, social emotional learning,

 

for school tuition or for instruction or materials that are part of the student’s regular

school curriculum.

How will the program work?

Colorado Learning Authority and board of directors. The measure establishes

a new state agency called the Colorado Learning Authority (authority), which is

independent from oversight by the State Board of Education and the Colorado

Department of Education. The authority will be overseen by a nine-member board

of directors (board), appointed by the Governor. The authority and its board will be

responsible for:

• 

• 

• 

• 

• implementing an evaluation system to measure the impacts of the program and the



• working with selected parents and providers in determining the day-to-day operations

of the program.

Program providers. Under the measure, the authority is required to develop criteria

 



 



of authority-approved local and statewide providers will be made available to program

participants.

Financial aid distribution. The program will pay providers chosen by parents on

behalf of eligible youth. In 2023, the measure requires that eligible youth in families



followed by youth in families with incomes up to twice the federal poverty level. In 2021,



the authority will distribute any remaining aid to other participating students. Beginning



timing, and distribution methods. The authority is still required to prioritize low-income

youth.

How will the program be funded?

The measure funds the program in two ways. First, the measure implements a phased

sales tax increase on retail marijuana and marijuana products from the current 15

percent rate to 18 percent in 2022, 19 percent in 2023, and 20 percent in 2024 and

each year thereafter. The proposed marijuana sales tax increase is shown in Figure 1.

Second, the measure shifts money from existing state funds, including the State Land

Trust and the General Fund. For further information on how the program will be funded,



Figure 1

Phased Sales Tax Rate Increase on Marijuana Under the Measure

For information on those issue committees that support or oppose the

measures on the ballot at the November 2, 2021, election, go to the

Colorado Secretary of State’s elections center web site hyperlink for ballot

and initiative information:

https://www.sos.state.co.us/pubs/elections/Initiatives/InitiativesHome.html

Arguments For Proposition 119

1) 

tutoring and other out-of-school learning opportunities for Colorado students. Even

before the pandemic, tutoring and out-of-school instructional support were badly



writing, or math. School closures caused by COVID have urgently increased the

need for outside instructional support, especially among low-income students who



2) Proposition 119 supports the academic and developmental needs of all students, and



independent, bipartisan board to certify that tutoring and enrichment providers are

 





Arguments Against Proposition 119

1) Proposition 119 allows public money to be directed to private out-of-school service

providers instead of invested directly in public schools. Public dollars set aside for

education are needed to support the public education system. If voters want to

increase retail marijuana taxes for education, the revenue would be better used to

expand the capacity of public schools in every community, keeping the money under

local control and allowing school districts to reinstate programs they have had to cut

and to provide additional learning and enrichment opportunities for children.

2) Increasing the sales tax on marijuana will further increase the gap in prices between

legal marijuana and black-market marijuana, pushing more individuals into the black

market and hurting legitimate retail marijuana businesses. Additionally, the retail





Fiscal Impact for Proposition 119

On net, Proposition 119 will increase state revenue and spending. It also transfers

money between various state funds. These impacts, as well as the estimated impact on

taxpayers, are discussed below. The state budget year runs from July 1 through June

30.



 

State revenue. Proposition 119 will increase state revenue by an estimated

 

year 2022-23 by increasing the tax on retail marijuana. The amount for state budget

year 2021-22 is a half-year impact. This revenue is not subject to state constitutional

spending limits. In addition, the measure reduces investment earnings in the Permanent

 

earnings that would otherwise be used as funding for the K-12 education system and



years.

State spending. Proposition 119 will increase state expenditures from the newly

created Learning Enrichment and Academic Progress Fund by an estimated

  

in future years. The amount for state budget year 2021-22 is a half-year impact.

Expenditures will include administration of the Learning Enrichment and Academic

 

change in state spending will equal the change in state revenue and transfers.

Transfers of state funds. 



from the Permanent Fund to the State Public School Fund. The measure then transfers

a corresponding amount of revenue each year from the General Fund to the newly

created Learning Enrichment and Academic Progress Fund. The money transferred is

not subject to state constitutional spending limits.

Taxpayer impacts. Proposition 119 will increase the amount of sales taxes paid by

Coloradans who purchase marijuana products. State law requires Legislative Council



categories. However, state law prohibits the collection of personal data on retail

 

Bureau of Labor Statistics and Centers for Disease Control and Prevention concerning

the usage of and spending on tobacco products by income group to produce the

estimates in Table 1 below. The table estimates the following information:

• 

• 

• the average change in tax burden for individuals in each income category.



Table 1

Estimated Impact on Retail Marijuana Consumers by Income Category in State

Budget Year 2024-25

Estimated Number Total Change Average Change

Income Category

of Taxpayers in Tax Burden in Tax Burden



280,184  



253,933  



145,639  



98,995  



146,190  



110,694  



75,914  



37,703  



22,462  



14,873  



5,481 0.8 million 



2,601 0.6 million 

Total 1,194,668 $137.6 million

Federal adjusted gross income

State Spending and Tax Increases

Article X, Section 20,

information be provided when a tax increase question is on the ballot:

• 



• 



“Fiscal year spending” is a legal term in the Colorado Constitution. It equals the amount

of revenue subject to the constitutional spending limit that the state or a district is

 

year spending for the current year and each of the past four years.

 



Table 2

State Fiscal Year Spending

Actual

FY 2017-18

Actual

FY 2018-19

Actual

FY 2019-20

Actual

FY 2020-21

Estimated

FY 2021-22



Spending

      

 

 

Table 3 shows the revenue expected from the tax increase on retail sales of marijuana



 





Table 3

Estimated State Fiscal Year Spending

and the Proposed Tax Increase on Retail Sales of Marijuana

FY 2022-23 Estimate

  billion

Revenue from the Tax Increase on Retail Sales Marijuana 

Property Tax Assessment

Rate Reduction

Placed on the ballot by citizen initiative • Passes with a majority vote

Proposition 120 proposes amending the Colorado statutes to:

y lower the property tax assessment rates for multifamily housing and lodging



y allow the state to retain money above constitutional spending limits if it is

used to fund existing property tax exemptions.

IMPORTANT NOTE: The description of the measure in this voter information guide diers

from the language in the ballot question because a law that changed the eect of the

measure was passed by the state legislature after the ballot question was written.

What Your Vote Means

YES

A “yes” vote on Proposition 120

lowers property tax assessment

rates for multifamily housing and lodging

properties. It does not impact assessment

rates for other types of residential and

nonresidential property.

A “no” vote on Proposition 120

retains the assessment rates for

lodging and multifamily housing properties

that are in current law.



Summary and Analysis for Proposition 120

 

of the measure?



 

• Proposition 120 was initially written to permanently lower the assessment rates for all

residential property and most nonresidential property.

• Senate Bill 21-293, enacted in June, established new categories of property so that

the lower residential assessment rate in Proposition 120 (6.5 percent) applies only

to multifamily housing properties, and the lower nonresidential assessment rate

(26.4 percent) applies only to lodging properties.

Senate Bill 21-293 also temporarily lowers assessment rates for residential properties,

agricultural properties, and renewable energy properties for 2022 and 2023, after which

the rates return to 2021 levels.

What does this voter information guide describe?

This voter information guide discusses the impact of Proposition 120 compared with

existing law. Existing law includes the changes enacted in Senate Bill 21-293.

What happens if Proposition 120 passes?

Proposition 120 will lower property tax assessment rates for multifamily housing and

lodging properties, as shown in Table 1. Through state budget year 2026-27, the



constitutional limit if it is used to fund existing reimbursements to local governments for

property tax exemptions for seniors and veterans with a service-related disability.

Table 1

Assessment Rate Changes Under Proposition 120

Without Proposition 120 With Proposition 120

Type of Property 2021 2022 and 2023 2024 Starting in 2022

Multifamily Properties 7.15% 6.8% 7.15% 6.5%

Lodging Properties 29% 29% 29% 26.4%

The following classes of property are not impacted by the measure:

• 

• 

• 

   

     

• other nonresidential properties, such as commercial property, industrial property,

natural resources, and vacant land.

What are property taxes?

Residential and nonresidential property owners pay property taxes on a portion of their

property’s value. Nonresidential property includes commercial, industrial, agricultural,

and oil and gas property, vacant land, natural resources, and mines. Cities, counties,

school districts, and special districts impose and collect the tax annually, and use the

revenue to fund public schools and local services such as road and street maintenance,



How are property taxes calculated?

Figure 1 illustrates how property taxes are calculated. Property taxes are paid on a

portion of a property’s actual value. This portion is known as the taxable value, or

assessed value, and is calculated by multiplying the actual value by the assessment

rate. The actual value of a property is determined by the county assessor or state



taxable value is then multiplied by the local tax rate (known as a mill levy) to determine

 

Figure 1

Property Tax Calculation

Example: Property value of $300,000, taxed at 100 mills, using 2021 assessment rates.

 

    

    



    

    

How does Proposition 120 impact property taxpayers?

Compared to what would be owed without the measure, Proposition 120 reduces

property taxes for most owners of the following types of property:

• Multifamily housing properties, which include those with more than one housing

unit such as duplexes, triplexes, or properties with four or more units, but do not



• Lodging properties, which include hotels, motels, and bed and breakfasts.

The actual impact on an individual property owner will depend on several factors,

including the local jurisdictions in which their property is located, actual future mill levies,

and the actual value of their property. The taxpayer impact section below includes



assuming the statewide average mill levy for the 2020 tax year.

How does Proposition 120 impact local governments?

Proposition 120 reduces property tax revenue to most local governments, compared

to what would be collected without the measure, and may impact local services such

 

individual local government’s revenue and services will vary across the state, depending

on:

• Mix of properties – areas with a higher portion of multifamily housing and lodging

properties will be more heavily impacted.

• Mill levies – actual mill levies are determined at the local level. Local governments

could choose to ask voters to raise future mill levies. Some local governments

already have permission from their voters to adjust the tax rate to make up for

reductions in assessment rates, and thus may not experience any revenue impacts.

 

values are growing quickly, the reduction in assessment rates in Proposition 120 will

cause property tax revenue overall to grow at a slower rate. In areas where values are

not growing quickly, this reduction could cause overall property tax revenue to decrease

from one year to the next.

How does Proposition 120 impact school funding?

Public schools are funded through a combination of state and local government revenue.



a formula in state law, and the amount of local tax revenue generated. A reduction in

property tax revenue to school districts increases the amount that the state must pay to





funding will result in lower school funding for some districts. The impact will vary by

district.

What is the homestead property tax exemption?

The homestead property tax exemption allows eligible veterans with service-related



 

In years the exemption is available, the state reimburses local governments for the



million on local government reimbursements in state budget year 2020-21. In some

years, the state legislature has made the exemption temporarily unavailable as a budget

balancing decision. The last year the exemption was not available was 2011.

Does Proposition 120 change the homestead property tax exemption?

No. The measure does not change the homestead property tax exemption. Rather,



per year through the 2026-27 state budget year if that amount is spent on homestead

exemptions.

For information on those issue committees that support or oppose the

measures on the ballot at the November 2, 2021, election, go to the

Colorado Secretary of State’s elections center web site hyperlink for ballot

and initiative information:

https://www.sos.state.co.us/pubs/elections/Initiatives/InitiativesHome.html

Argument For Proposition 120

1) The measure provides targeted tax relief for important sectors of Colorado’s

economy. Reducing property taxes for most multifamily properties may ease

pressure on rents and encourage investment to address Colorado’s housing

shortage. In addition, lodging owners may hire and retain more employees and

potentially reduce lodging rates, attracting additional visitors.

Argument Against Proposition 120

1) Permanently reducing property tax revenue to local governments may result in cuts

to important government services. Proposition 120 will pose challenges for special

districts, cities, or counties that rely on property tax revenue from multifamily homes

or lodging properties to maintain services, such as water, transportation, education,

 

rapidly, and not all areas of the state are able to generate the funding needed to

support these local services.

Fiscal Impact for Proposition 120

This measure decreases local government property tax revenue and increases state

spending requirements as described below.

Local government impact. Proposition 120 is expected to decrease property tax





to a scheduled increase in the assessment rate for multifamily housing in 2024 under

current law. Prior to the passage of Senate Bill 21-293, the measure was expected to



 

is why this number appears in the ballot question.



on each city, county, special district, or school district will depend on several factors,

including mill levies and the composition of properties in each jurisdiction.

State spending. 

 





would have happened under current law. Additionally, the measure will decrease state

spending for the senior and disabled veteran homestead exemption by a minimal

amount, and increase workload for the Division of Property Taxation to update forms and

training materials and respond to inquiries regarding the changes.





government revenue and funding state reimbursements through the homestead

exemption. In years when the state collects revenue above its constitutional limit,



availability of the homestead exemption.

The state’s budget year runs from July 1 through June 30.

Taxpayer impacts. The measure lowers property taxes paid by owners of multifamily

housing and lodging properties. Table 2 shows the estimated property tax decrease for

example property values, assuming the statewide average mill levy (83.537 mills) for the

2020 tax year. The actual impact on an individual property owner will depend on several

factors, including the local jurisdictions in which their property is located, actual future

mill levies, and the actual value of the property.

Table 2

Example Taxpayer Impacts – Proposition 120

Tax Year 2022

Estimated Change in Property Taxes

Example

Property Value Multifamily Property Lodging Property

  

  

  

  

  

Amendment 78

Legislative Authority for Spending State Money





The ballot title will not appear in the Colorado Constitution or Colorado Revised Statutes. The text

of the measure that will appear in the Colorado Constitution and Colorado Revised Statutes below

was drafted by the proponents of the initiative. The initiated measure is included on the ballot as a

proposed change to current law because the proponents gathered the required amount of petition

signatures.

Ballot Title:

Shall there be an amendment to the Colorado Constitution and a change to the Colorado Revised

Statutes concerning money that the state receives, and, in connection therewith, requiring all

money received by the state, including money provided to the state for a particular purpose, known





custodial money to be deposited into the newly created custodial funds transparency fund and the



spend all custodial money and earnings and revenue on that custodial money as a voter-approved



Text of Measure:

Be it enacted by the People of the State of Colorado:

SECTION 1. In the constitution of the state of Colorado, section 33 of article V, amend section 33 as

follows:

No moneys in the state treasury, , shall be disbursed therefrom

by the

treasurer except upon appropriations made by law, or otherwise authorized by law, and any amount

disbursed shall be substantiated by vouchers signed and approved in the manner prescribed by law.

SECTION 2. In Colorado Revised Statutes, 24-31-108, amend (5) as follows:

(5) If all or a portion of any money received by the attorney general and paid to the department

of the treasury pursuant to subsection (2) of this section is custodial money, the attorney general

shall direct the state treasurer in writing to place such custodial money in a separate account. Any

custodial money placed in a separate account pursuant to this subsection (5) is not subject to annual

appropriation by the general assembly. A copy of the written direction to the state treasurer must be

delivered to the joint budget committee. Such written direction must set forth the basis for the attorney

general’s determination that the money is custodial money and must specify the manner in which

the money will be expended. Such written direction must be given to the state treasurer within thirty

days after the date the money is paid to the department of the treasury. Any custodial money placed

in a separate account pursuant to this subsection (5) must be expended only for the purposes for

which the money has been provided. The department shall provide with its annual budget request an

accounting of how custodial money has been or will be expended. For informational purposes, the

expenditure of such money may be indicated in the annual general appropriation act.



SECTION 3. In Colorado Revised Statutes, 24-75-201,  follows:

(3)() 



































 









SECTION 4.. 



 



Proposition 119

Learning Enrichment and Academic Progress Program





ballot title will not appear in the Colorado Revised Statutes. The text of the measure that will appear

in the Colorado Revised Statutes below was drafted by the proponents of the initiative. The initiated

measure is included on the ballot as a proposed change to current law because the proponents

gathered the required amount of petition signatures.

Ballot Title:



 

A PROGRAM TO PROVIDE OUT-OF-SCHOOL LEARNING OPPORTUNITIES FOR COLORADO

CHILDREN AGED 5 TO 17, AND, IN CONNECTION THEREWITH, CREATING AN INDEPENDENT

 









OPPORTUNITIES INCLUDE TUTORING AND EXTRA INSTRUCTION IN SUBJECTS INCLUDING

READING, MATH, SCIENCE, WRITING, MUSIC, AND ART, TARGETED SUPPORT FOR CHILDREN

WITH SPECIAL NEEDS AND LEARNING DISABILITIES, CAREER AND TECHNICAL EDUCATION



 

Text of Measure:

Be it Enacted by the People of the State of Colorado:

SECTION 1. In Colorado Revised Statutes, add article 86.1 to title 22 as follows:

ARTICLE 86.1

LEARNING ENRICHMENT AND ACADEMIC PROGRESS (LEAP) PROGRAM

22-86.1-101. Legislative declaration. 

:

(1) 





  





(2) 























(3) C 







(4) E







 









(6) 

 







 



 



(1) 

(2) 

22-86.1-105.

(3) 













(6) “



(7)(a)  “









(b)













(c





(d





22-33-104. “





(8) “



22-86.1-103. The learning enrichment and academic progress program and authority

- establishment - purposes - powers. 





 









(2) 





:

(a)





(b) 

















(c)











(d)



















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(e) 

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(f) 

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 

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



















(IV























(g) 









(h) 

















(i) 



















(j















(I



(II





(III

(4) 





(a) Ac) 

 





(b



(c



(d 



(e



(f





(g





(5) 

















(7)(a















(IV



(b

22-86.1-104. Additional powers of the Colorado learning authority. (1) 





(a) 

(b) 

















(d) 



(e) 







(f) 



(g) 





(h) 



(i) 









(j) 







(k) 







22-86.1-105. Colorado learning authority - board of directors - powers and duties. 















(2) 





(a









 

















(b



(c

(d 





















 

















(e















(a) 





(b) 















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











(6)(a) 





(b) 

 

(II) 









.

















2-2-317.



(a

(b







(c



(d



(e) 



22-86.1-106. Learning enrichment and academic progress fund - creation - crediting of money

to fund - use of fund. 



  







c



















   



d













d



















SECTION 2. In Colorado Revised Statutes, section 36-1-116, amend

add (1)(d) as follows:

36-1-116. Disposition of rentals, royalties, and timber sale proceeds. (1)(a)(II)(A) Except as

provided in subsections (1)(a)(II)(B), and

(1)(a)(II)(C), d)



school lands, lease payments and rental payments for said lands, rental payments for the use and

occupation of the surface of said lands, and rentals or lease payments for sand, gravel, clay, stone,

coal, oil, gas, geothermal resources, gold, silver, or other minerals on said lands other than proceeds,

rentals, and payments allocated to the state land board trust administration fund pursuant to section

36-1-145(3) or credited to the public school capital construction assistance fund created in section

22-43.7-104(1),C.R.S., pursuant to section 22-43.7-104(2)(b)(I), C.R.S., shall be credited to the

permanent school fund and shall become part of the principal of the permanent school fund.

(b)(I) Except for royalties and other payments allocated to the state land board trust administration

fund pursuant to section 36-1-145(3) or credited to the public school capital construction assistance



fund created in section 22-43.7-104(1), C.R.S., pursuant to section 22-43.7-104(2)(b)(I), C.R.S.,

except as provided in subparagraph (II) of this paragraph (b), and except as provided in paragraph

 (c) d) of this subsection (1), royalties and other payments for the depletion or

extraction of a natural resource on said lands shall be credited to the permanent school fund.

(d

a)

b





b



SECTION 3. In Colorado Revised Statutes, 39-28.8-202, amend (1)(a)(I) and (1)(b) as follows:

39-28.8-202. Retail marijuana sales tax. (1)(a)(I)(A) In addition to the tax imposed pursuant to part

1 of article 26 of this title 39 and the sales tax imposed by a local government pursuant to title 29,

30, 31, or 32, but except as otherwise set forth in subsections (1)(a)(II) and (1)(a)(III) of this section,



a)(I).

(B) Beginning January 1, 2014, and through June 30, 2017, there is imposed upon all sales of retail

marijuana and retail marijuana products by a retailer a tax at the rate of ten percent of the amount of

the sale.



(D) 



a







(E) The tax imposed by this section is computed in accordance with schedules or forms prescribed by



any portion of the retail marijuana sales tax collected pursuant to this part 2 to cover the expenses

of collecting and remitting the tax. The executive director may promulgate rules to implement this

section.



a). At any time on or

after January 1, 2014

, the general assembly may, by a bill enacted by the general

assembly and that becomes law:

(I) Establish a tax rate to be imposed pursuant to this subsection (1) that is lower than 

of the sale of retail marijuana or retail marijuana products 

(II) After establishing a tax rate that is lower than 

paragraph (b) b, increase





assembly increase the tax rate above 

products b). Notwithstanding any other

provision of law, an increase in the tax rate pursuant to this subparagraph (II) shall not require voter

approval subsequent to the voter approval required pursuant to part 4 of this article.

SECTION 4. In Colorado Revised Statutes, 39-28.8-203, amend (1)(a)(I) and (1)(b)(I.5) introductory

portion and add (1)(c) as follows:

 (1) The proceeds of all money collected

from the retail marijuana sales tax are initially credited to the old age pension fund created in section

1 of article XXIV of the state constitution in accordance with paragraphs (a) and (f) of section 2 of

article XXIV of the state constitution and thereafter are transferred to the general fund in accordance



pursuant to this part 2, an amount shall be appropriated or distributed from the general fund as

follows:



tax revenue collected by the department is apportioned to local governments. On and after July 1,

2017, an amount equal to ten percent of the gross retail marijuana sales tax revenue collected by

the department, 

39-28.8-202(1)(a)(I)(D), is apportioned to local governments. The city or town share is apportioned

according to the percentage that retail marijuana sales tax revenue collected by the department within

the boundaries of the city or town bear to the total retail marijuana sales tax revenue collected by the

department. The county share is apportioned according to the percentage that retail marijuana sales

tax revenue collected by the department in the unincorporated area of the county bear to total retail

marijuana sales tax revenue collected by the department.

(b)(I.5) On and after July 1, 2018, of the ninety percent of the gross retail marijuana sales tax revenue

in the general fund remaining after the allocation to local governments required by subsection (1)(a)

(I) of this section is made,  

a)(I)(D), 

percent in the general fund for use for any lawful purpose and shall transfer from the general fund:





a)(I)(D).

SECTION 5. In Colorado Revised Statutes, amend 39-28.8-204 as follows:

39-28.8-204. Revenue and spending limitations. (1) Notwithstanding any limitations on revenue,

spending, or appropriations contained in section 20 of article X of the state constitution or any other

provision of law, any revenues generated by the retail marijuana sales tax imposed pursuant to this

part 2 as approved by the voters at the statewide election in November 2013, may be collected and

spent as voter-approved revenue changes and shall not require voter approval subsequent to the

voter approval required pursuant to part 4 of this article.

(2) 





39-28.8-202(1)(a





Proposition 120

Property Tax Assessment Rate Reduction

ballot title will not appear in the Colorado Revised Statutes. The text of the measure that will appear

in the Colorado Revised Statutes below was drafted by the proponents of the initiative. The initiated

measure is included on the ballot as a proposed change to current law because the proponents

gathered the required amount of petition signatures.

Ballot Title:

Shall there be a change to the Colorado Revised Statutes concerning property tax reductions, and,



comparable amounts thereafter by reducing the residential property tax assessment rate from 7.15%

to 6.5% and reducing the property tax assessment rate for all other property, excluding producing

mines and lands or leaseholds producing oil or gas, from 29% to 26.4% and allowing the state to





the property tax rate reductions and to reimburse local governments for revenue lost due to the



Text of Measure:

Be it Enacted by the People of the State of Colorado:

SECTION 1. In Colorado Revised Statutes, 39-1-104 amend (1) as follows:

(1)  the valuation for assessment of all taxable property in the state

shall be twenty-nine percent, 

 of the

actual value thereof as determined by the assessor and the administrator in the manner prescribed

by law, and such percentage shall be uniformly applied, without exception, to the actual value, so

determined, of the various classes and subclasses of real and personal property located within the

territorial limits of the authority levying a property tax, and all property taxes shall be levied against

the aggregate valuation for assessment resulting from the application of such percentage. This

subsection (1) shall not apply to residential real property, producing mines, and lands or leaseholds

producing oil or gas.

SECTION 2. In Colorado Revised Statutes, 39-1-104.2 amend (3)(q) as follows:



(3) (q) The ratio of valuation for assessment for residential real property is 7.15 percent of actual

value for property tax years commencing on or after January 1, 2019 and 6.5 

until the next property tax year that

the general assembly adjusts the ratio of valuation for assessment for residential real property.

SECTION 3. In Colorado Revised Statutes, 39-3-207 add (6) as follows:

39-3-207. Reporting of exemptions—reimbursement to local governmental entities.

(6) 









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Adams 4430 S. Adams County Parkway, Suite E-3102, Brighton, CO 80601 (720) 523-6500

Alamosa 8999 Independence Way, Suite 101, Alamosa, CO 81101 (719) 589-6681

Arapahoe 5334 S. Prince St., Littleton, CO 80120 (303) 795-4511

Archuleta 449 San Juan St., Pagosa Springs, CO 81147 (970) 264-8331

Baca 741 Main St., Suite 3, Springeld, CO 81073 (719) 523-4372

Bent 725 Bent Ave., Las Animas, CO 81054 (719) 456-2009

Boulder 1750 33rd St., Suite 200, Boulder, CO 80301 (303) 413-7740

Broomeld 1 DesCombes Dr., Broomeld, CO 80020 (303) 464-5857

Chaffee 104 Crestone Ave., Salida, CO 81201 (719) 539-4004

Cheyenne 51 S. 1st St. , Cheyenne Wells, CO 80810 (719) 767-5685

Clear Creek 405 Argentine St., Georgetown, CO 80444 (303) 679-2339

Conejos 6683 County Rd. 13, Conejos, CO 81129 (719) 376-5422

Costilla 400 Gasper St., Suite 101, San Luis, CO 81152 (719) 937-7671

Crowley 631 Main St., Suite 102, Ordway, CO 81063 (719) 267-5225

Custer 205 S. 6th St., Westcliffe, CO 81252 (719) 783-2441

Delta 501 Palmer St., Suite 211, Delta, CO 81416 (970) 874-5903

Denver 200 W. 14th Ave., Suite 100, Denver, CO 80204 (303) 653-9668

Dolores 409 N. Main St., Dove Creek, CO 81324 (970) 677-2381

Douglas 125 Stephanie Pl., Castle Rock, CO 80109 (303) 660-7444

Eagle 500 Broadway, Suite 101, Eagle, CO 81631 (970) 328-8715

Elbert 440 Comanche St., Kiowa, CO 80117 (303) 621-3127

El Paso 1675 W. Garden of the Gods Rd., Suite 2201 Colorado Springs, CO 80907 (719) 575-8683

Fremont 615 Macon Ave., Room 102, Cañon City, CO 81212 (719) 276-7340

Gareld 109 8th St., Suite 200, Glenwood Springs, CO 81601 (970) 384-3700, option 2

Gilpin 203 Eureka St., Central City, CO 80427 (303) 582-5321

Grand 308 Byers Ave., Hot Sulphur Springs, CO 80451 (970) 725-3065

Gunnison 221 N. Wisconsin St., Suite C, Gunnison, CO 81230 (970) 641-7927

Hinsdale 317 N. Henson St., Lake City, CO 81235 (970) 944-2228, ext. 2

Huerfano 401 Main St., Suite 204, Walsenburg, CO 81089 (719) 738-2380

Jackson 396 La Fever St., Walden, CO 80480 (970) 723-4334

Jefferson 3500 Illinois St., Suite 1100, Golden, CO 80401 (303) 271-8111

Kiowa 1305 Goff St., Eads, CO 81036 (719) 438-5421

Kit Carson 1650 Donelan Ave., Suite 203, Burlington, CO 80807 (719) 346-8638

Lake 505 Harrison Ave., Leadville, CO 80461 (719) 486-1410

La Plata 679 Turner Drive, Suite C, Durango, CO 81303 (970) 382-6296

Larimer 200 W. Oak St., Fort Collins, CO 80521 (970) 498-7820

Las Animas 200 E. First St., Room 205, Trinidad, CO 81082 (719) 846-3314

Lincoln 103 3rd Ave., Hugo, CO 80821 (719) 743-2444

Logan 315 Main St., Suite 3, Sterling, CO 80751 (970) 522-1544

Mesa 200 S. Spruce St., Grand Junction, CO 81501 (970) 244-1662

Mineral 1201 N. Main St., Creede, CO 81130 (719) 658-2440

Moffat 221 W. Victory Way, Suite 200, Craig, CO 81625 (970) 824-9120

Montezuma 140 W. Main St., Suite 1, Cortez, CO 81321 (970) 565-3728

Montrose 320 S. 1st St., Room 103, Montrose, CO 81401 (970) 249-3362, ext. 3

Morgan 231 Ensign St., Fort Morgan, CO 80701 (970) 542-3521

Otero 13 W. 3rd St., Room 210, La Junta, CO 81050 (719) 383-3020

Ouray 541 4th St., Ouray, CO 81427 (970) 325-4961

Park 856 Castello Ave., Fairplay, CO 80440 (719) 836-4333

Phillips 221 S. Interocean Ave., Holyoke, CO 80734 (970) 854-3131

Pitkin 530 E. Main St., Suite 104, Aspen, CO 81611 (970) 920-5180, ext. 5

Prowers 301 S. Main St., Suite 210, Lamar, CO 81052 (719) 336-8011

Pueblo 210 W. 10th St., Pueblo, CO 81003 (719) 583-6620

Rio Blanco 555 Main St., Meeker, CO 81641 (970) 878-9460

Rio Grande 965 6th St., Del Norte, CO 81132 (719) 657-3334

Routt 522 Lincoln Ave., Suite 21, Steamboat Springs, CO 80487 (970) 870-5556

Saguache 501 4th St., Saguache, CO 81149 (719) 655-2512

San Juan 1557 Greene St., Silverton, CO 81433 (970) 387-5671

San Miguel 305 W. Colorado Ave., Telluride, CO 81435 (970) 728-3954

Sedgwick 315 Cedar St., Suite 220, Julesburg, CO 80737 (970) 474-3346

Summit 208 E. Lincoln Ave., Breckenridge, CO 80424 (970) 453-3479

Teller 101 W. Bennett Ave., Cripple Creek, CO 80813 (719) 689-2951, option 2

Washington 150 Ash St., Akron, CO 80720 (970) 345-6565

Weld 1250 H St., Greeley, CO 80631 (970) 304-6525, ext. 3070

Yuma 310 Ash St., Suite F, Wray, CO 80758 (970) 332-5809

PRESORTED

STANDARD

US POSTAGE PAID

DENVER CO

PERMIT #5377

State of Colorado

Legislative Council

Colorado General Assembly

State Capitol Building Room 029

200 East Colfax Avenue

Denver CO 80203-1748