Amendment 74 would require state or local government in Colorado to compensate a property owner if a new law or regulation reduced the fair market value of his or her property.
Currently, governments must compensate property owners if there's an almost total loss in value or use. Under the measure, any decrease in property value — whether it be because of zoning changes, new regulations, or some other action — would qualify.
Proponents, including the Colorado Farm Bureau and the oil and gas industry, argue that property is the most significant asset many Coloradans own.
Opponents include the Colorado Municipal League, a trade group that represents local governments. They say it has potentially far-reaching and costly consequences for local governments — and taxpayers.
The measure would change the state constitution, and under new rules passed by voters in 2016, needs 55 percent of votes to pass.
