Colorado’s economy will take a significant hit as local governments and public schools are poised to extract $2.1 billion more in property taxes next year, according to a new analysis.

In a report, the Common Sense Institute concluded that, following voters’ decision to reject the Democrat-backed Proposition HH, homeowners along the Front Range will see their property taxes grow by more than $1,000.

“This translates into bad news for our economy,” Kelly Caufield, the group’s executive director, said.

The group’s analysis says the economic hit would translate to 17,400 fewer jobs, $942 reduction in state gross domestic product and $511 less in personal income per household.

In its analysis, the report applies the current property tax conditions — meaning before lawmakers make any changes, notably by offering tax relief, or local governments substantially slash tax rates.

Steven Byers, the senior economist at the Common Sense Institute who wrote the report, said higher property taxes produce a “drag” on economy, translating to slower job growth and a decline in household income.

Using “dynamic” modeling, Byers said the combined impact of property tax hike and personal income loss means $1,406 less per Colorado household.

Proposition HH had asked voters to use Taxpayer’s Bill of Rights surplus revenue — which is usually refunded to taxpayers — to reduce property tax increases, fund school districts and backfill counties, water districts, fire districts, ambulance or hospital districts and other local governments.

Voters rejected the measure by a roughly 19-point margin on Tuesday. Two days alter, Gov. Jared Polis called for a special session to deal with property tax relief. The special session will start on Nov. 17 and could run at least three days, the minimum it takes to get legislation through both chambers of the Colorado General Assembly.