Colorado Votes On Confusing Property Tax Measure With Proposition 120

(CBS4) - Colorado voters are deciding three statewide issues in the off-year election. Proposition 120 would have lowered property tax rates in the state. It was written to drop the residential property tax rate to 6.5% and the commercial rate to 26.4%.

As of 10 p.m., 57% of voters are rejecting it.

Some state lawmakers did not the changes and re-wrote the tax code in such a way the ballot measure only applies to multi-family homes like apartment buildings and lodging properties like hotels and bed and breakfasts. That's why the wording on the ballot is different from the analysis in the blue book.

Homeowners and commercial property owners would have gotten smaller, temporary tax reductions for two years.

Supporters say if the measure passes they will sue to make sure the ballot language is upheld. Political Specialist Shaun Boyd says legal precedent is on their side.

LINKS: Denver Election Results | Colorado Secretary of State Election Results