Since the passage of referendums 2A, 3A and 3B, Denver commercial property owners will see a increase of 18 percent in property taxes. Approval of referendum 2A allows the city to retain about $68 million in property tax that otherwise would have been a property tax credit. The credit was applied by lowering the mill levy under the Taxpayer Bill of Rights (Tabor). The $68 million will help pay for additional library hours, road paving and hiring of police officers. Referendum 3A a $454 million bond issue will pay for Denver Public School buildings and technology. DPS is currently under contract to purchase 1860 Lincoln St. for their administrative offices among other uses. Referendum 3B is a $49 million DPS operating tax increase for educational programs. Mill levy rate used for City and County of Denver commercial property tax payments went from 71.307 for 2011 due in 2012 to 84.071 with the approval of 2A, 3A, and 3B. Gallagher Amendment dictates commercial property values are taxed at 29 percent and residential property at 7.9 percent.