DENVER (KDVR) — Colorado voters approved Amendment B, The Associated Press reports.
With the “yes” vote, the Gallagher Amendment to the Colorado Constitution will be repealed. Adopted in the 1980s, the amendment established a formula for residential and commercial property taxes.
Under Gallagher, 55% of the state’s total property taxes should come from commercial properties while the remaining 45% should come from residents.
With the passing of Amendment B, lawmakers will no longer be required to revise assessment rates periodically. Right now, that rate is around 7.15% for residents and 29% for businesses.
LINK: Opponents, supporters of Amendment B explain their positions