Colorado Ranches, Tax Breaks, and Aspen Luxury Real Estate
I recently came across an AP article entitled "Colorado 'toy ranches' lose tax break with new law." The article was picked up in the Denver Post, along with several other publications.
And it got me thinking, what does the change mean for the Aspen real estate market?
In the long run not much. It does not come as surprise to the "gentlemen ranchers" of the Roaring Fork Valley. This long standing loophole has been openly abused for many years. Just as the potato farms on Bluff road in the Hamptons were once used for agricultural exemptions and abatements for the beach front mansions, so have the open fields surrounding the estates of Aspen.
Most realtors and their buyers have been aware that this was coming to an end. The idea of throwing a couple of cows, goats, or horses in the back pasture to save tens of thousands in taxes always seemed like a risk buyers were willing to take. It added to the ambiance and appearance of the western experience as well.
With local /state and national governments in desperate need for additional revenue this was a slam dunk. While I'm sure the owners of the so called ranches may be complaining about unfair taxation and attempted redistribution of wealth, it really boils down to doing the right thing.
Buyers in Aspen have always been aware of our low property taxes and will continue to enjoy them. They will just now have to pay their fair share based on real improvements and values. The real question is what happens to all of the live stock and hay fields?
Guest Blogger Raifie Bass: A 20 year Aspen resident with 17 years of of full time, active real estate experience in the Roaring Fork Valley, market knowledge, professionalism, connectivity and community are just a few of the reasons to choose Raifie as your Aspen Realtor. When you think Aspen you know Raifie. Whether you're a first time buyer or an experienced veteran, Raifie is the realtor for you. To see more of what Aspen has to offer visit www.Raifie.com.