#Colorado
In an effort to avoid a more than $5.5 million drop in revenue in 2022, Summit County officials are considering a ballot question that would ask voters to allow the property tax rate to be higher than state law allows.
Currently, the state projects the residential assessment rate will drop from 7.15% to 5.88%, which is done to maintain the 45-55 ratio of residential to nonresidential property put in place by the Gallagher Amendment to the state’s Constitution.
Under Gallagher, which was passed in 1982, residential property tax revenue is allowed to make up only 45% of the state’s budget. Since Gallagher was enacted, the residential assessment rate has plummeted as values have increased.
The Summit Board of County Commissioners will review a proposed ballot question at a special meeting at 4 p.m. Thursday, Aug. 13.
If no ballot measures pass, Vargo said the county would have to look at cuts to personnel. To make up for the money lost, Vargo estimates the drop in revenue equals about 70 of the county’s nearly 500 positions.
500 employees? The town of Breckenridge had only 300 residents in 1974!
