tax policy

As the mentioned here, the most famous Massachusetts initiative petition is known as “Proposition 2 1/2”, which just happens to be a perfect example of the fusion between the state and local level I&R processes in the Commonwealth. Ever since Prop. 2 1/2 passed in 1982, voters in a municipality must pass a “Proposition 2 1/2 override” to increase property taxes beyond 2.5% of the assessed value of all taxable property contained in it the municipality. Towns rarely do pass Prop. 2 1/2 overrides.

Canon City council will ask voters in November to suspend tax rebates due to them under the 1992 Taxpayer Bill of Rights (TABoR). Under TABoR the city must return any money beyond what it is allowed to collect to taxpayers. The ballot measure would suspend those rebates for ten years between 2010 and 2020.

Read the story from the Canyon City Daily Record