I thought the “Taxpayer Bill of Rights (TABOR) Amendment” said that taxes could not go up, yet my valuation has increased. How can that be?
The TABOR Amendment restricts the total amount of revenue growth and individual taxing entity (a cemetery district, for example) is allowed each year. This is computed by each entity utilizing a formula that takes into account inflation, new construction in the taxing entity’s boundaries, and other factors. The Amendment does not restrict the amount that an individual’s taxes may change, nor does it place a specific percentage limitation on any individual’s tax change. The Amendment does state that mill levies can not be raised by a taxing entity without an election, except for very special circumstances. It also specifies that improved residential property must be valued using the market approach to value only.
Related Questions
- China Factory already quoted me the prices, but now I am ready to place orders and they said the prices have to be increased due to exchange rate. What does that mean?
- I thought the "Taxpayer Bill of Rights (TABOR) Amendment" said that taxes could not go up, yet my valuation has increased. How can that be?
- How can a Valuation Ruling be imposed as a binding upon me for the payment of Duty/taxes?
