Over the last few months, business men and women have been telling me that the business personal property tax, the Gallagher Amendment, and The Taxpayer's Bill of Rights (TABOR) are major impediments to job creation and economic growth. Colorado's business personal property tax is one of the highest in the country. The Gallagher Amendment, which sets the ratio of assessed valuation of residential property to non-residential property, has resulted in a non-residential property assessment of 29%, which as almost three times that paid on residential property. TABOR's "ratchet effect" makes it difficult for governments to restore services and can slow or prevent economic recovery.
We should begin a statewide conversation about how to fix the Gallagher Amendment, the business personal property tax, and TABOR. For the long term improvement of Colorado's economy, we need tax provisions that are more favorable to commercial property, capital equipment and variable economic cycles. Since constitutional action is required, we need to start the conversation among the voters.