x
Breaking News
More () »

Amendment B: Gallagher Amendment repeal projected to pass

The Gallagher Amendment sets Colorado residential property taxes at a rate directly proportionate to commercial taxes.

DENVER — Colorado voters have passed Amendment B, which asked to repeal the Gallagher Amendment, according to the latest projections from The Associated Press. 

This portion of Colorado law impacts the residential assessment rate for which property taxes are calculated.

The Gallagher Amendment was passed in 1982 to limit then-skyrocketing residential property taxes. It says only 45% of the states property tax revenue can come from residential properties, while the other 55% comes from commercial ones.

This has caused decreases in the residential assessment rate despite double-digit increases in home values.

If residential property taxes decrease, local governments, police, fire, schools, libraries and anything else that your property taxes pay to fund will likely receive fewer dollars. On the other hand, you'll pay less in property taxes.

See a breakdown of the vote on Amendment B below: 

Find full election coverage at 9news.com/elections.

RELATED: Let's Just Vote: Colorado will decide on Amendment B

RELATED: Unpacking Gallagher: The property tax law up for a vote in Colorado

SUGGESTED VIDEOSPolitics 

 

Before You Leave, Check This Out