PROPERTY VALUATIONS
Here we are again – it is property valuation time for the purpose of determining our share of property taxes. It seems like just yesterday we were going through this exercise and getting all upset about the big increases. However, those were different days. While we were upset about the huge increases in valuations, times were good and we knew we could sell our properties for a pretty penny. Now we are faced with more valuation escalations, but this time, we are all watching our property values decrease and wondering what we really could sell our property for. How can this be that our valuations, and accordingly property taxes, are rising, yet our property values are declining? Well, it is the statutory process.
Colorado law requires that properties be reappraised every two years. This defined valuation period for this valuation is January 1, 2007 through June 30, 2008. This is where we are all going to get mad. During this time-frame, none of us knew of the troubled times and economic turmoil that was soon to follow. We are being told that prices in Eagle county have escalated an average of 13.5%. Vail on the low-end with an average of 13%, while Eagle saw 25% and Minturn/Red Cliff a whopping 35%. The valuation may be accurate based on the data, but we all know that it is not fair. (Especially given that the Governor has over-stepped his authority and pegged School Tax Collections to property values, contrary to the Tabor Amendment also known as the Taxpayers Bill of Rights. However, that is another story that the Colorado Supreme Court will decide).
What can you do? First, look at your valuation and see if it is fair. You cannot simply look at the percentage increase, which may be shocking, but you must look at the current valuation independently. If you think it is reasonable, it probably is. If you think it is more then your property is worth, challenge your valuation and file a protest.
NEW LAW REQUIRES CARBON MONOXIDE DETECTORS
The Colorado Legislature recently passed a bill which was signed by the Governor which will (no surprise here) cost us more money. However, this bill has some merit as it involves life-safety. The new law requires that carbon monoxide detectors be installed in the sale or rental of certain properties. From first glance, it appears that all rental properties in Vail and Beaver Creek will be required to comply as fireplaces are one of the conditions, but we are still looking into the law to confirm compliance. If compliance is required, we will be looking into working with a contractor to install detectors that comply. An issue will be whether we want to install battery operated detectors or hard-wired ones. Obviously, battery operated will be cheaper, but in the long run they become a nuisance and create greater liability if not maintained. If we determine that your unit needs to come into compliance, then unless we hear otherwise from you that you will be installing them yourself, we will arrange to have the detectors installed. Affected units will be required to come into compliance by July 1, 2009.
EPIC PASS
The EPIC PASS for the 2009-2010 ski season is on sale now. The price is $599 for unlimited skiing at Vail, Beaver Creek, Breckenridge, Keystone, Arapahoe Basin and Heavenly Valley. For just a $49 deposit, you can lock in the price. Note that there was already one price increase from $579 to the current price. Don’t wait. It is the skiing deal-of-the-century. To purchase, go to: www.EPICPASS.COM
ALPINE COASTER & ZIPLINE IN VAIL’S FUTURE
Vail Resorts may be posturing itself to introduce an Alpine Slide or Coaster and maybe even a zipline, however, this time instead of angering Beaver Creek residents, it may be in Vail. If Federal legislation presented by U.S. Senator from Colorado, Mark Udall, passes, it will give ski areas the ability to boost year-round recreational opportunities and improve Colorado’s recreation economy, although not necessarily the quality-of-life of the residents in those areas. Curiously, Udall is a Democrat (so the bill has a good chance of gaining ground) and under Robert Katz, Vail Resorts made a large donation to the Democratic National Convention. Payback time? Our guess is that overall reception for this from the Vail community would be positive, however, certainly some property owners are likely to be affected and will justifiably have concern. Beaver Creek property owners may end up being the biggest supporters as they have steadfastly fought to keep an alpine slide out of Beaver Creek and if a slide is introduced in Vail, we would assume that it would be very unlikely that another would be sought in Beaver Creek.
SUMMER EVENT SCHEDULE
There is always something going on in the Vail Valley, especially in Summer! For a current schedule of summer events, please visit our website at www.VAILREALTY.COM and click on “Event Calendar” under “Local Scoop”. This calendar is current and includes events going forward.
LOSS OF AN OLD FRIEND
We are very sad to report that Don Hinton tragically passed away in March. Don, along with his wife Julie, have had a business relationship with Vail Realty for over 18 years providing housekeeping, maintenance and carpet care services. In all our years in Vail, we can say with confidence that Don was the most hardworking and trustworthy individual that we worked with. In addition, he was a great guy. Don loved life and lived it to fullest. Our sincerest condolences go out to Julie and their family.
CONSIDERING A REMODEL OR UPGRADE
While times are tough and money is tight, perhaps now is the time to consider making improvements to your property that you have either put-off or future ones that you may want to accelerate. Work is tight here in the Vail Valley and contractors are hungry. You may be able to get the best deal in years or for years to come. If you are interested in doing work on your property and require assistance, please let us know.
NEED NEW BEDS? SPRING BED ORDER
Uncomfortable beds are among the biggest complaints we receive from rental guests each year. Perhaps it is time to replace your beds. We have the best deal available, but you need to act soon! Vail Realty has a contract to purchase beds directly from the Serta factory at prices substantially below retail and usually much less expensive than the best sale prices available. Contact us for information on pricing and delivery. However, in order to take advantage of this spring’s bulk purchase, we must have your order by June 15th.
OTHER NEWS HEADLINES:
Vail- Beaver Creek have Entered Bid to Host 2015 World Championships
State May Charge Vail to Allow Cars to Park on Frontage Road
Southwest Airlines to Offer More Low Cost Fares from East Coast Cities to Denver
Southwest has New Non-Stop Service to Denver from Minneapolis
REMINDER: Eagle County Airport to be Closed this Summer for Runway Work
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