EPIC has also endorsed and taken a position of support for Amendment B, which would repeal the Gallagher Amendment in the Colorado State Constitution.
When the Gallagher Amendment was first adopted, residential properties were valued at $35 billion, or 53% of all the value in the state. In 2019, Colorado’s residential properties had a total market value of $874 billion, or nearly 80% of the property value in the state. That means local businesses, commercial properties, and farmers are paying 55% of the property taxes when they have just 20% of the value.
Many small child care businesses struggle to make ends meet and are impacted by Colorado’s high commercial property taxes, and the COVID pandemic has created significant concern around the impacts of the projected revenue shortfalls on Colorado’s education system.
Already faced with making $1 billion in cuts to our K-12 schools next year as the state responds to the pandemic and economic downtown, Gallagher would require the state to come up with an additional $490 million for schools – meaning deeper cuts to other areas of the budget like higher education and transportation. Amendment B would repeal the Gallagher Amendment.