DENVER (CBS4) – Amendment 74, one of the most controversial constitutional amendments on the 2018 ballot, was rejected by Colorado voters in Tuesday’s election. It would have required property owners be compensated for any reduced property value caused by the state.

It was rejected by a margin of approximately 53 percent to 46 percent.

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The U.S. and state constitutions require government to reimburse property owners if they take or damage their property, although there are exceptions for health, safety and welfare. But if your property value drops as a result of a government law or regulation, you don’t get compensation.

(credit: CBS)

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Amendment 74 stated that if the government reduces the fair market value of your property at all, and for whatever reason, it could be liable. Opponents said the measure provided an invitation to file lawsuits.

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Denver Mayor Michael Hancock and Colorado Springs Mayor John Suthers were among the top Democrats and Republicans who voiced their opposition to 74 in recent months. They said it would would bankrupt local governments.

Supporters said Amendment 74 would protect property rights.

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“This ballot measure would have placed undue impact on the urban environment and had the potential to expose the state to prolonged, expensive lawsuits, which could have forced governments to cut services and/or increase taxes to cover costs,” the Downtown Denver Partnership wrote in a statement.