Colorado Rising State Action isn't done with lower taxes yet.
The conservative advocacy organization is dropping the language for a tax decrease on the 2022 statewide ballot.
The question would reduce the residential property tax assessment rate from 7.15% to 6.5% and the non-residential property tax assessment rate from 29% to 27%.
Colorado Rising State Action opposed the repeal of the Gallagher Amendment, Amendment B, last month. The 38-year-old constitutional constraint set an equation between the rates for homes versus commercial property.
The repeal passed with 57.5% approval.
The organization argued that the repeal represented a tax hike, since residential property owners were looking at a decrease to about 6.5% next year, because of Gallagher.
The text of that proposal is available by clicking here.
“Families and small businesses need a break - and the best way to help is by keeping property taxes low.” Michael Fields, executive director of Colorado Rising State Action, said in a statement Wednesday afternoon.
He said one of the main arguments to repeal Gallagher Amendment was that it hurt small businesses. The new proposal would ensure they see a lower assessment rate for businesses and families, rather than just promise one.
Once the language for the ballot question is formalized, supporters will have to turn in at least 124,632 signatures.