Initiative 27: Experts weigh in on property tax ballot initiative Residential property taxes would drop to 6.95 percent from 7.15 percent, and non-residential property tax rates would drop to 26.4 percent from 29 percent A ballot measure designed to lower property taxes moves closer to a statewide vote. Colorado Rising State Action turned in over 190,000 signatures to the Secretary of Stateâs office on Monday. and last updated 2021-08-03 08:40:31-04 COLORADO SPRINGS â A ballot measure designed to lower property taxes moves closer to a statewide vote. Colorado Rising State Action turned in over 190,000 signatures to the Secretary of Stateâs office on Monday. "What's been happening over the last few years is a huge rise in home values, the assessment rates that people got are a lot higher than they used to be. Our houses are worth more, but that doesn't mean you have more money in your pocket to be able to pay for the property taxes. Seeing the strain this could put on seniors and people on fixed incomes, we wanted to make a move to lower property taxes," said Michael Fields, Executive Director of Colorado Rising State Action.