What happens when a property tax reduction ballot proposition fails?

Colorado voters this month opposed a ballot proposition to lower property taxes by pulling funds out of the Taxpayer’s Bill of Rights refund pool (TABOR). As a result of the proposition’s defeat, taxpayers retained their TABOR payments and the Governor called the Legislature into a special session to address property tax increases that could reach 40%. 

AP | Colorado legislature will convene to address skyrocketing property costs