Vote " NO " on Amendment B
Here ’ s why Keep Property Taxes Low urges Colorado voters to vote “ NO ” on Amendment B :
Increased Property Taxes
If Amendment B passes , repealing the Gallagher Amendment , residential property taxes are projected to increase . Homeowners could have difficulty paying their mortgage , rent and housing costs could rise and affordable housing could be less attainable . Gallagher ’ s 45:55 ratio requires residential property tax make up no more than 45 % of the total state property tax revenue , which ensures that businesses pay their fair share and housing affordability remains a priority . The Colorado Property Tax Administrator projects Colorado residents will pay an additional $ 203.7 million in property taxes within the first year Gallagher is repealed .
Money Saved by Gallagher Amendment
Residents have saved $ 35 billion since the Gallagher Amendment was enacted in 1982 . The 45:55 ratio caused assessment rates to decline from 21 % in 1982 to 7.15 % today , with expectation it will drop again to 5.88 % in 2021 , unless Gallagher is repealed . If Amendment B passes , rising assessment rates will increase the amount of taxes paid by homeowners and some of those taxes will be passed on to renters .
COVID-19 Financial Impacts
Consumer spending accounts for nearly 70 % of the United States economy . In April , the federal government appropriated nearly $ 2 trillion in the CARES Act to backstop household liquidity . Many families have suffered job loss , reduced hours , and salary reductions during the COVID-19 pandemic . A property tax increase is unaffordable for many Coloradans and attacks our most vulnerable populations amid an economic recession .
Bipartisan Effort
The Gallagher Amendment has bipartisan support because it truly keeps residential property taxes low for Colorado residents . It helps allocate resources for affordable housing , it ensures local government has reliable funding and it keeps the cost of living in Colorado low .
Let your voice be heard .
Vote " NO " on Amendment B !
Paid for by Keep Property Taxes Low
22 | TRENDS OCTOBER 2020 www . aamdhq . org