Gov. Bill Ritter's property-tax freeze will generate an estimated $2 billion more over 10 years than lawmakers were expecting when they approved it eight months ago, according to the latest calculations.
The revenue leap fired up Republican lawmakers — who were already calling the freeze an "illegal tax hike" — as the legislature convenes today for its 2008 session.
The freeze, which prevents local property taxes for schools from dropping, is now projected to result in nearly $3.8 billion in state money by 2017. That's more than double the $1.74 billion estimated when lawmakers passed the governor's proposal in May. [Emphasis added]
Depending on which school district your home or business inhabits, this means even twice the pain for your wallet than previously estimated. Sounds like a rerun of the Referendum C story.
We can't forget that it is Gov. Bill Ritter and the Democratic Party who own this unconstitutional proposal (i.e., they should have asked the voters first!). They've tried dodging the argument and playing dumb. But all lawmakers and public officials need to be kept accountable to the taxpayers they represent.
Cross posted at Colorado Taxpayers