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Monday, October 23, 2017
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Directors Hear the Downside of the Gallagher Amendment
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At the regularly scheduled meeting of the Board of the Colorado City Metropolitan District held on May 9, 2017, Directors received a briefing from Finance Director Donna Pickman on the potential impact of the Gallagher Amendment.

The Gallagher Amendment was passed by the Colorado legislature in some thirty-five years ago in response to rapidly rising property values. The well-intentioned goal was to stabilize the amount of the property tax base paid by residential versus commercial property owners. The amendment established that 45% of the property tax base would come from residential property with the balance (55%) from commercial properties. “Today, residential property accounts for 75% of property value with 25% derived from commercial accounts,” said Pickman. “But,” continued Pickman, “commercial is still responsible for 55% of the total property tax burden.” In maintaining the 45%/55% mandated ratio, the residential property assessment has dropped through the years from 21% to under 8% and is projected to drop to just above 6.5% by next year.

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including Colorado City, Rye, San Isabel, Beulah and Hatchet Ranch.

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