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.
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