While Gallagher’s intentions were good, to prevent unaffordable home property taxes during a period of rising values, the result is a threat to the lifeblood of the local economy. All it did was transfer taxes from homes to business. The only way you won’t pay for it is if you don’t work for a living, or shop here. The increased taxes paid by businesses have to be passed on through higher prices and fewer jobs.
Gallagher is the poster child of unintended consequences and why tax law should be statutory, not constitutional. No one knew the escalating burden that would be placed on business. It has caused commercial property taxes to rise at an unsustainable rate.
This could not be at a worse time when small businesses have either closed or are headed to oblivion due to the massive pandemic job loss. Depending on the sector, businesses are down up