If approved, Amendment B would repeal a 1982 amendment to Colorado’s constitution that requires property tax rates to adhere to a certain formula. Known as the “Gallagher Amendment,” the provision requires that the taxable value of residential property make up a fixed percentage (45%) of total statewide property taxes. Because home prices have risen faster than the value of other kinds of property since its passage, the Gallagher Amendment has caused tax rates on residential property to continually decline, while many local governments have passed laws that trigger automatic tax hikes on nonresidential property to make up the difference. The average Colorado business now pays an effective property tax rate that is four times higher than the rate paid by the average homeowner.