The Colorado Mountain College Board of Trustees has voted unanimously to oppose the Colorado Property Value Limit Initiative, which would limit annual growth of assessed property values to the rate of inflation or 3%, whichever is lower.

Because taxes on property are based on assessed values, lower assessment values mean lower taxes. The trustees at CMC voted against supporting the initiative because it would lessen revenue for schools and public services, possibly in the range of $1.3 billion, according to the ballot language.

The initiative only affects assessed values, meaning appraisal values of homes would not be restricted. Assessment values can affect perceived values of homes, but the two values are not conjoined, according to the college.

The Colorado Property Value Limit Initiative is classified as an amendment to the state constitution and a change to the Colorado Revised Statutes. If the initiative makes the ballot, it would need 55% support from voters to pass.

Supporters of the initiative are currently gathering signatures to put it on November’s ballot. They need 124,632 valid signatures by Aug. 8.