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The Gallagher Amendment was an amendment to the Colorado Constitution enacted in 1982 and repealed in 2020 concerning property tax. It set forth the guidelines in the Colorado Constitution for determining the actual value of property and the valuation for assessment of such property. [1] The Gallagher Amendment was a legislative referendum [2] drafted by Dennis J. Gallagher, then a state legislator. [3] [4] It was repealed in 2020. [5]
The Gallagher Amendment made many significant changes to property taxes in Colorado: [6]
The Gallagher Amendment had other effects as well, including mechanisms for enforcing the provisions described above.
Shall Sections 3 and 15 of Article X of the Colorado Constitution be amended in the following manner:
Passed by 551,334 votes (65.5%) to 290,590 votes (34.5%). [7]
Gallagher Amendment Repeal and Property Tax Assessment Rates Measure | ||||||||||||||||||||||
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In 2020, due to state budget shortfalls, state legislators approved a ballot initiative to repeal the Gallagher Amendment. [8] The changes in property tax rates the repeal would allow for greater funding of schools. [9] The repeal was successful. [5]
Proposition 13 is an amendment of the Constitution of California enacted during 1978, by means of the initiative process. The initiative was approved by California voters on June 6, 1978. It was upheld as constitutional by the United States Supreme Court in the case of Nordlinger v. Hahn, 505 U.S. 1 (1992). Proposition 13 is embodied in Article XIII A of the Constitution of the State of California.
A property tax is an ad valorem tax on the value of a property.
Ballot Measure 47 was an initiative in the U.S. state of Oregon that passed in 1996, affecting the assessment of property taxes and instituting a double majority provision for tax legislation. Measure 50 was a revised version of the law, which also passed, after being referred to the voters by the 1997 state legislature.
Market value or OMV is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property. Real estate transactions often require appraisals because they occur infrequently and every property is unique, unlike corporate stocks, which are traded daily and are identical. The location also plays a key role in valuation. However, since property cannot change location, it is often the upgrades or improvements to the home that can change its value. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property.
The Constitution of the State of Texas is the document that establishes the structure and function of the government of the U.S. state of Texas, and enumerates the basic rights of the citizens of Texas.
Proposition 2½ is a Massachusetts statute that limits property tax assessments and, secondarily, automobile excise tax levies by Massachusetts municipalities. The name of the initiative refers to the 2.5% ceiling on total property taxes annually as well as the 2.5% limit on property tax increases. It was passed by ballot measure, specifically called an initiative petition within Massachusetts state law for any form of referendum voting, in 1980 and went into effect in 1982. The effort to enact the proposition was led by the anti-tax group Citizens for Limited Taxation. It is similar to other "tax revolt" measures passed around the same time in other parts of the United States. This particular proposition followed the movements of states such as California.
In 2021 economy of the State of Colorado was 16th largest in the United States with a gross state product of $421 billion.Colorado's per capita personal income in 2019 was $61,157, putting Colorado 12th in the nation.
Proposition 218 is an adopted initiative constitutional amendment which revolutionized local and regional government finance and taxation in California. Named the "Right to Vote on Taxes Act," it was sponsored by the Howard Jarvis Taxpayers Association as a constitutional follow-up to the landmark property tax reduction initiative constitutional amendment, Proposition 13, approved in June 1978. Proposition 218 was approved and adopted by California voters during the November 5, 1996, statewide general election.
The view tax is a term for the fact that the appraisal of a piece of real estate in preparation for assessing property tax includes aspects of a property that are subjective, such as its view. It was also the informal name for a 2005 bill in the legislature of the U.S. state of New Hampshire.
Tax assessment, or assessment, is the job of determining the value, and sometimes determining the use, of property, usually to calculate a property tax. This is usually done by an office called the assessor or tax assessor.
The Constitution of the State of Colorado is the foundation of the laws and government of the U.S. state of Colorado. The current, and only, Colorado State Constitution was drafted on March 14, 1876; approved by Colorado voters on July 1, 1876; and took effect upon the statehood of Colorado on August 1, 1876. As of 2020, the constitution has been amended at least 166 times. The Constitution of Colorado derives its authority from the sovereignty of the people. As such, the people of Colorado reserved specific powers in governing Colorado directly; in addition to providing for voting for Governor, state legislators, and judges, the people of Colorado have reserved initiative of laws and referendum of laws enacted by the legislature to themselves, provided for recall of office holders, and limit tax increases beyond set amounts without explicit voter approval, and must explicitly approve any change to the constitution, often with a 55% majority. The Colorado state constitution is one of the longest in the United States.
The Oklahoma State Board of Equalization is an agency of the state of Oklahoma that is responsible for tax administration. The Board is responsible for adjusting and equalizing the valuation of real and personal property of the several counties of Oklahoma. Board is also responsible for providing an estimate of all revenue that will be available for appropriation by the Oklahoma Legislature for the coming fiscal year.
Most local governments in the United States impose a property tax, also known as a millage rate, as a principal source of revenue. This tax may be imposed on real estate or personal property. The tax is nearly always computed as the fair market value of the property, multiplied by an assessment ratio, multiplied by a tax rate, and is generally an obligation of the owner of the property. Values are determined by local officials, and may be disputed by property owners. For the taxing authority, one advantage of the property tax over the sales tax or income tax is that the revenue always equals the tax levy, unlike the other types of taxes. The property tax typically produces the required revenue for municipalities' tax levies. One disadvantage to the taxpayer is that the tax liability is fixed, while the taxpayer's income is not.
A property tax known as "rates" has been levied in Hong Kong since 1845. The tax applies to all domestic and commercial properties unless exempted, and is based upon the rental value of the property, re-assessed each year. Formerly part of the revenue went to the Urban Council and, from 1986, the Regional Council, but since 2000 the whole amount goes to the Hong Kong Government.
The 2010 Virginia State Elections took place on Election Day, November 2, 2010, the same day as the U.S. House elections in the state. The only statewide elections on the ballot were three constitutional referendums to amend the Virginia State Constitution. Because Virginia state elections are held on off-years, no statewide officers or state legislative elections were held. All referendums were referred to the voters by the Virginia General Assembly.
Proposition 218 is an adopted initiative constitutional amendment in the state of California that appeared on the November 5, 1996, statewide election ballot. Proposition 218 revolutionized local and regional government finance in California. Called the “Right to Vote on Taxes Act,” Proposition 218 was sponsored by the Howard Jarvis Taxpayers Association as a constitutional follow-up to the landmark Proposition 13 property tax revolt initiative constitutional amendment approved by California voters on June 6, 1978. Proposition 218 was drafted by constitutional attorneys Jonathan Coupal and Jack Cohen.
The California state elections in 2020 were held on Tuesday, November 3, 2020. Unlike previous election cycles, the primary elections were held on Super Tuesday, March 3, 2020.
S.7000-A is the name given to the current dominant property tax law in effect in New York State affecting New York City. Surrounding areas such as Nassau County have similar laws. The bill was enacted in 1981 in response to the Hellerstein decision. The law is embodied in Article 18 of the New York State Real Property Law.
California Proposition 15 was a failed citizen-initiated proposition on the November 3, 2020, ballot. It would have provided $6.5 billion to $11.5 billion in new funding for public schools, community colleges, and local government services by creating a "split roll" system that increased taxes on large commercial properties by assessing them at market value, without changing property taxes for small business owners or residential properties for homeowners or renters. The measure failed by a small margin of about four percentage points.
