008. Is REPEAL the solution to Colorado's Gallagher Amendment property tax problem?
Second in our ongoing series about the Gallagher Amendment's property tax impact on Colorado communities, Law Talk Colorado News Anchor Angeline Roles interviews Colorado State Senator Bob Rankin of Carbondale who argues that repeal of Gallagher is the most practical next step in solving the problem. A complicated issue that bumps into TABOR, the Taxpayer Bill Of Rights, Senator Rankin explains that rural communities are going to be hit the hardest because the State can't continue to cover the growing property tax shortfalls to the districts. Colorado residents enjoy one of the lowest residential property tax rates in the nation, while Colorado commercial property tax rates are some of the highest in the nation, which presents particular challenges to rural areas with a higher residential to commercial ratio. The formula for determining these ratios is locked into the Gallagher Amendment. "The good news is, we can repeal Gallagher and freeze residential property tax rates at the current low rate," Rankin says. He supports proposed legislation that will put repeal of the Gallagher Amendment to Colorado voters on the 2020 ballot. "We hope people will educate themselves on this," he says. "Contact your Fire District, School District, ask them how the property tax shortfalls are impacting them and their communities; they'll tell you. This is a complicated issue and we have got to do something to solve it." For more, check out Episode #6 where Building A Better Colorado's Reeves Brown discusses the property tax impact research and collaborations among community leaders and agencies from across the state.
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