Increased Housing Costs
Low residential property taxes have prevented housing costs in Colorado from rising even higher . Without Gallagher , the inevitable rising property values would lead to a tax inflation that could deter aspiring homeowners from buying a house and could cause higher rental rates from rental housing providers who must offset costs . If the cost of living goes up in Colorado , it could negatively impact future development , overall housing supply , and housing attainability .
Special Tax Breaks
The Gallagher Amendment required the non-residential property assessment rate to be fixed at 29 %, not only preventing legislators from increasing residential property taxes , but also deterring legislators from granting tax breaks on non-residential and commercial properties for special interest groups with large lobbying power . Some opponents of the Gallagher repeal have concerns that if Gallagher is repealed , it would open the door to aggressive lobbying and special interest tax breaks for corporations .
Diminished Standard of Living for Seniors and Veterans
In 2020 , the social security cost of living adjustment was just 1.6 %; people reliant upon social security for housing expenses will have difficulty paying rapidly rising property taxes . Bank savings rates and U . S . government bonds are paying less than 1 % interest , making it difficult for people living off fixed income investments to meet the demands of higher taxes . Higher property taxes diminish the standard of living for those on a fixed income . Don ’ t make seniors choose between their tax bill and health care , medicine or groceries .
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OCTOBER 2020 TRENDS | 23