After several years of budget cuts, employee furloughs and reduced hours at libraries because of a perpetual imbalance on the city’s ledger, Denver officials think they have the answer, and they hope voters agree.

In November, Denver voters will be asked to allow the city to “de-Bruce” its property taxes, a reference to Douglas Bruce, the author of the Taxpayer’s Bill of Rights. The measure would allow Denver to keep $68 million a year that is normally returned to taxpayers because it is above the limit imposed by TABOR.

The city says if the measure is passed, it will hire 100 police and fire recruits, repave 300 lane-miles of roads, replace 1,000 city vehicles, restore hours to library branches and provide free access to recreation centers for Denver’s kids.

“If approved, this proposal — in conjunction with our efforts to operate the city more cost-effectively — would eliminate Denver’s budget deficit, allow us to recover more quickly from the recession and enable us to catch back up on essential services lost over the past four years,” said Denver Mayor Michael Hancock.

Some business owners are not supportive, saying the cost is too high on commercial-property owners, especially when combined with Denver Public Schools’ $466 million bond issue.

“Combined, these two measures would create an effective property tax increase of 14.2 mills — a 21 percent increase from current Denver property tax rates,” said Tyler Smith, president of the Denver Metro Commercial Association of Realtors, in a letter written with president-elect Scott Peterson.

The state’s Gallagher Amendment says that commercial-property owners must pay proportionally more than residential property owners — at a split of 55 percent to 45 percent. The effect, Smith said, is that commercial-property owners pay 3½ times more in property taxes.

“In short, the owner of a $1 million home in Cherry Creek would see property taxes increase by $1,130 per year,” he writes. “The owner of a $1 million retail property right next door would incur additional tax liability of $4,133 per year.”

Ben Gelt, whose opposition group ” No Blank Check 2012,” calls the measure a “permanent tax increase that is going to have a year-over-year increase for all Denver residents.”

“There is no cap to how much tax they can collect, and there is no end,” Gelt said. “It is an incredibly unbalanced proposal that is going to cause serious economic harm to Denver.”

Gelt’s group has raised $2,574 to fight the proposal. He said the city hasn’t completed its “lean” program to cut wasteful spending in the government and says raising taxes is not a good idea for a city emerging from a recession.

The proponents, Moving Denver Forward, have amassed $354,469 as of late September, with contributions of $25,000 apiece by the firefighters union, the library foundation and Daniel Ritchie — chairman of the Denver Center for the Performing Arts.

Also, donations of $25,000 each came from Hensel Phelps Construction; M.A. Mortenson construction; Forest City Enterprises — developer of Stapleton; and MDC Holdings, builders of Richmond American Homes.

“Denver would be joining 85 percent of cities and counties in Colorado that have removed their TABOR caps,” said Sheila MacDonald, coalition director for Moving Denver Forward. “I am not sure that it is accurate to say that removing the TABOR cap would weaken Denver’s effectiveness at attracting business.”

The City Council is expected to approve an austere 2013 budget that doesn’t contain the additional revenue from the de-Brucing. T he budget closes a $94 million shortfall through a combination of cuts, streamlining and use of reserves. Since 2009, Denver has cut spending and closed budget gaps of upward of $446 million.

If the measure passes, library branch hours would be increased from 32 hours a week to 48 hours; the city would buy new vehicles for a fleet that hasn’t been replaced for years; and police and firefighters would hire their first new class of recruits in four years.

Eliminating the refund would cost residential taxpayers about $111 a year on a $225,000 home.