Residents in many states heading to the polls this November will be asked to approve ballot measures that could result in tax increases on residents and businesses. ColoradoIn Colorado, residents will decide whether to repeal the Gallagher Amendment, which was introduced as a way to limit residential property taxes. Under the measure, residential property taxes cannot make up more than 45% of the tax base, which means nonresidential property taxes – like commercial property taxes – make up the remainder. CaliforniaCalifornia is also asking residents to approve a ballot initiative that would allow the state to raise certain property tax rates. Rates of increase are also restricted to 2% or less each year, and there’s a limit on property taxes to 1% of the assessed value.

Source: Fox News October 06, 2020 10:41 UTC