Urgent Help Needed to Keep Your Property Taxes Low
Colorado ballots will soon be mailed to voters. There is one question that has the potential to impact nearly every Coloradan, especially multi-family property owners – Amendment B. This $500 million property tax increase would raise property taxes at a time when the multi-family industry already is squeezed by eviction moratoria, COVID-impacted residents, PPE costs and more.
Amendment B would repeal the Gallagher Amendment, which has kept residential and commercial property taxes in balance with residential property taxes accounting for 45% of the total property taxes levied. Since its inception, this amendment has saved taxpayers $35 billion. This year alone, Coloradans are slated to receive a significant property tax cut from 7.15% to 5.88% at a time when they – and we – most need it. If this ballot initiative moves forward property taxes will increase by 10-20% in just the first year.
The Apartment Association has already contributed $100,000.
Our most recent polling showed that Colorado voters, confused by misleading ballot and Blue Book language, were largely undecided on this issue. Unfortunately, the polling also showed that repealing Gallagher held a nine-point lead. The good news is that once Colorado voters understood that this measure was nothing more than a tax increase, their perspective changed significantly.
There is a clear path to victory. We can win this ballot measure, but only if we have the resources to do so. We estimate that our opponents have approximately $3 million to spend on this campaign. We know we can win with less, but we need to raise approximately $750,000 in the next couple of weeks.
As it stands, rental housing providers are aggressively working with policymakers to find solutions to attainable housing for Colorado’s residents to stave off more harmful legislation. A measure like this would set housing affordability back by causing housing costs to rise.
This is bad public policy that deserves a “no” vote. We know that Coloradans will vote no, but only if they know the facts about this devastating ballot measure.
Thank you for your consideration and assistance. Please feel free to contact us, Drew Hamrick or Michael Fields at firstname.lastname@example.org if you have questions or need more information.
Chairman & CEO
|Mark T. Williams
Executive Vice President
Colorado Apartment Association