Legislative committee wants to know—Take Action
A 75-year-old family business forced to relocate because of escalating property taxes. Now in a new location, the threat of increased property taxes looms again. Time to move, again, or just shut down the business?
Stories like this are growing in number, so much so that the Colorado General Assembly is concerned enough to want to look at the situation and has created a special Alternative to the Gallagher Amendment Interim Study Committee.
The committee needs to hear from NFIB members who have been hammered with rising property taxes and what they intend to do about it. The committee’s next hearing is Tuesday, August 21, at 8:30 a.m. at the State Capitol in House Committee Room 0112.
NFIB members don’t have to wait. You can send your story to the committee right now—right here.
The Gallagher Amendment is 36 years old. Passed by the Legislature to streamline property taxes, it is now crushing some small businesses with its 29 percent rate. By comparison, residential property taxes are 7.2 percent. As anyone who runs a business knows, it’s nice to have your property increase in value but if business revenues can’t keep up with property tax liability, the increased value becomes a ball and chain.
Click here for more information about the special legislative committee.