DENVER (KDVR) — With all eyes focused on who is going to win the country’s top office, further down the ballot in Colorado, three measures have already claimed victory that will impact your wallet.

Colorado voters approved Amendment B, which repeals a law dealing with property tax. Once the new law takes effect, property taxes will be locked at current rates. They will not drop, as they regularly have for nearly the last four decades. 

“We know property values in Colorado have skyrocketed and that actually has meant property taxes have fallen,” University of Denver professor Jack Strauss said. 

According to Strauss, the Amendment B will most likely result in increased property tax bills for many Coloradans because it will be tied only to your property value. Plus, he says, the amendment will tax residential and commercial property more evenly. 

“They’re going to be paying a little bit more, the residential and the small businesses will pay less,” he said. 

Proposition 118 also passed. It creates a paid family medical leave program in Colorado. 

“The positive side is you’re going to help struggling families but we’re going to pay for that,” Strauss said. 

To pay for the benefit, all workers in Colorado will pay 0.45% of their salary to cover the cost of leave for new moms and others who need it. Everyone will contribute whether they use the benefit or not. 

A person making $50,000 per year can expect to lose $8.65 per paycheck to the program. The new fees won’t kick in until 2023 and benefits will become available to employees in 2024. 

Voters also approved Proposition 116 which offers some tax relief across Colorado. The measure cuts the state income tax by 0.08%. 

The state is expected to lose about $154 million in revenue due to the change. However, Coloradans will end up with more money in their pockets. 

“You’re not going to notice. Almost everybody is not going to notice that,” Strauss said. 

A person with a $50,000 per year salary would see $40 extra at tax time. 

Once Proposition 116 and 118 both kick in, a person making $50,000 per year would see a net loss of $185. When it comes to Proposition B, changes to property tax bills will depend on each individual house’s increase or decrease in value. 

According to Strauss, the statewide tax changes will not break the bank for most Coloradans. 

“Your bulk of the tax you pay is either Social Security taxes, medicare and your federal income tax. In comparison, these changes are minor,” he said.