Why is vacant land and commercial assessed at 29%, and residential at 7.96%?
The differences in assessment rates between residential homes and other types of property is the result of an amendment to the Colorado Constitution (known as the Gallagher Amendment) approved by the voters in 1982, which limited the residential share of the property taxes. The State Legislature adjusts the residential assessment rate each reappraisal year to keep the property tax burden from shifting to residential property. This is the Gallagher Amendment in action.
