There they go again. Corporate special interests are trying to fund an additional tax break on the backs of homeowners and renters. Their latest ploy is the repeal of the Gallagher Amendment.
A vote to repeal the Gallagher Amendment, which is a “yes” vote on B, will cause huge property tax increases for homeowners and renters throughout Colorado. Since Gallagher was adopted residential property tax owners have saved $35 billion, an average savings of $17,000 per homeowner and renter.
The most offensive part of Amendment B is its attempt to deceive voters. Proponents claim it will not increase homeowners’ taxes. The reality is that this claim is a lie. According to the Colorado property tax administrator, residential property tax owners will pay an additional $203,781,937 in property tax increases in the first year after repeal. Over five years we will pay an astronomical increase of $1.02 Billion. While homeowners and renters face these increases, corporate special interests could see decreases in their property taxes.
As The Denver Post admitted in its editorial supporting Amendment B, the Gallagher Amendment has worked. It kept residential property taxes low in Colorado. Comparing Colorado to New Jersey proves this point. The average homeowner in Colorado pays $2,046 while the average homeowner in New Jersey pays $8,477. Vote “no” on Amendment B and we will not have to pay these excessive property taxes.
The misguided effort to repeal the Gallagher Amendment is wrong during the current health and economic crisis. Unemployment is 10.2%, 32% of homeowners are behind in their mortgages, and 12% of renters are behind in their rent payments.
The Denver Post is correct that the Gallagher Amendment has different impacts upon different regions. The solution for many rural areas is for local government to prove to the voters that it is in their best interest to have tax increases to support basic services. It is not to Repeal Gallagher and cause all Colorado residents to face massive property tax increases.
As the sponsor of the Gallagher Amendment, I am willing to look at reforms to Gallagher to address specific concerns. But I will not support repeal which will cost homeowners and renters millions more, while corporate businesses could pay millions less. Vote no on Amendment B!
Dennis Gallagher served in the Colorado General Assembly as a senator and representative for almost three decades. He was also a Denver City councilmember and the City Auditor. The Gallagher Amendment is named for him.
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