(The Center Square) – An initiative submitted by a business group for Colorado's 2024 ballot would “reset” home valuations to 2020 levels.

The group Colorado Concern, is a coalition of business leaders, said Thursday it filed the initiative, which would limit property value growth “so that property owners would not endure runaway property tax bills in the future.” 

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“Homeowners and businesses should not be penalized with a massive tax hike as the result of a hot economic environment that sent prices soaring,” said Colorado Concern President and CEO Mike Kopp. “It is imperative to protect taxpayers from the kinds of painful price shocks they now face, and will face again in the future if the system is not changed. “

Property values have gone up 35 percent to 45 percent in some Denver metro areas, according to county assessors.

The business group’s measure comes on the heels of Proposition HH’s loss at the ballot box last week, and before the special legislative session set to convene on Friday. Prop HH would have lowered the state’s residential property tax assessment rate to 6.7 percent and backfilled lost revenue for local governments with Taxpayer’s Bill of Rights funds.

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Under Colorado Concern’s measure, property values would reset when sold or after undergoing major improvements, “establishing a true market rate for tax calculation purposes.”

Kopp said that while the organization supports more immediate tax relief that could be passed by lawmakers during the special session, “the system itself needs structural reform that guarantees lasting taxpayer protections, predictability and transparency. The system-wide changes we are promoting are outside the scope of the call of the session.” 

Colorado voters are also set to decide on Initiative #50, a measure that would cap the increase in statewide property tax revenue at 4 percent each year.