The New Property Tax Revolt - Colorado
- Barry Poulson
- 4 days ago
- 1 min read
A Colorado citizens have launched a new property tax revolt not unlike that launched by Proposition 13 in California during the 1970s. Double digit inflation rates resulted in increased home values accompanied by sharp increase in assessed values and property taxes.
Colorado homeowners have faced a perfect storm. Protection from inflationary increases in property taxes has been eroded and eliminated. In 2020 Colorado citizens approved Amendment B repealing the Gallagher Amendment. The Gallagher Amendment set the residential share of total statewide property tax revenue at
45%. As residential property values grew the residential assessment rate was continuously lowered to meet the 45% cap. By 2020 the residential assessment rate had been reduced from 21% to 7.15%. Repeal of the Gallagher Amendment removed the major protection of homeowners from inflationary increases in assessment rates and property taxes. Keep reading the white paper - Click to download:
