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Colorado voters will get the chance to vote on lower property taxes this November.

The Secretary of State's Office said Initiative 27 has enough valid signatures to qualify for the ballot.

The proposal would permanently cut Colorado’s residential property tax assessment rate to 6.5%, and 7.1% cut. The commercial rate to 26.4%, a decrease of 29%, while putting $25 million into the state’s Homestead Exemption for senior citizens and disabled veterans.

Supporters of the ballot measure characterize it as an antidote to the soaring home values that result in higher taxes, and that the state would still collect more revenue than in the past.

Supporters of the measure turned in 192,562 signatures on Aug. 2, and 138,567 qualified as registered voters. Getting on the statewide ballot requires 124,632, signatures, which represents 5% of the number of people who voted in the last secretary of state's race.

The ballot question was filed in April by the conservative advocacy group Colorado Rising State Action. Opponents, primarily Democrats, will argue that the cut will hurt local government, schools and other needs supported by property taxes.

In the last legislative session, Democrats mostly sought to mitigate the losses by passing Senate Bill 293 to reclassify property taxes into more categories beyond residential and commercial. One of the last bills introduced, the tax proposal viewed by those on the right as an end-around that will reduce the tax savings by hundreds of millions of dollars. 

The ballot question was originally expected to save taxpayers more than $1 billion.

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