Amendment 74, the measure that would allow property owners to file a takings claim against the government when a government action or regulation reduces their property’s value, was trailing by 54 percent to 46 percent with more than 1.3 million votes counted Tuesday evening.
It needs 55 percent of the vote to pass.
The Farm Bureau, which backs Amendment 74, says it’s needed to protect property rights from the long reach of government regulation. The measure has had strong financial support from the oil and gas industry and has been interpreted by many as a counter punch to Proposition 112, a contentious ballot measure that would make less land available for new oil and gas wells by increasing the distance they would have to be from buildings and waterways.
Many leaders from both sides of the political aisle — echoing loud objections from the Colorado Municipal League — have denounced Amendment 74, saying it will be financially devastating for municipal budgets and taxpayers alike by turning sensible land use regulations into potential municipal money pits.
A similar measure in Oregon in 2004 resulted in more than $17 billion in property loss claims, and voters dialed it back the law three years later.
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