How much of Durango School District’s overall revenue comes from property taxes?
About 40% of Durango School District's revenue is generated from local property taxes.
How will the state backfill the lost revenue?
As part of the measure, the state would increase the revenue cap on the amount of money that they are currently able to retain under TABOR (Colorado Taxpayer’s Bill of Rights) that would otherwise be returned to taxpayers. This adjustment to the cap would be the source of funds used to backfill revenue to local governments. Reimbursement to local governments would range from 65-100%, though the ballot language states that school districts will be fully reimbursed.
Example:
Without HH, if a school district levies 24 mills on $100,000,000 of Assessed Valuation, it would result in $2,400,000 of local revenue.
With HH, if a school district levies 24 mills on $90,000,000 of Assessed Valuation, it would result in $2,160,000 of local revenue.
Under Prop HH, the difference of $240,000 would be backfilled by the state.