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Colorado Property Tax on Rental Property Increase in the Works

Money for your property taxesRecently introduced Senate Bill 20-109 could have huge impacts on your income if you short term rent a Colorado property. In fact, if passed, your Colorado property tax on rental property would likely double. Luckily, it’s still early in the process and we all have time to voice our opinions.

What Properties are Impacted?

In the Bill, a short term rental property is described as an improvement that is used to provide short-term stays, which is overnight lodging for less than 30 consecutive days in exchange for a monetary payment. It that’s the case, it will be classified as non-residential. If it is occupied by the owner for more than 30 days in a year, even if short term rented, it can retain it’s residential status. Of course there is more text in the bill itself, which you can read here, but this is my summary of it.

Property Tax Increase

If your property is deemed to be non-residential for the property tax year, the tax rate is currently 29% of the assessed value. A residential property rate is currently just 7%. That could be a huge property tax increase.

Enforcement

I am not sure how they would police this and determine if an owner uses the property more than 30 days. However, with a lot of cities, towns and counties requiring short term rentals be registered, the state knows where to get a list of short term rentals to evaluate for the property tax increase.

More In Depth

The possibility of this tax increase has been in the works for a while now. A previous post of ours goes a little more in depth on the tax increase, and potential impacts to individuals, the rental market and the real estate market.

Voice Your Opinion

As I mentioned previously, it’s not too late to voice your opinion to the State Senator that introduced this bill, Bob Gardner.  You can call him at 303-866-4880 or email him at bob.gardner@state.co.us Let him know how this bill would impact you. If you feel strongly about the change, don’t just stand by. Voice your opinion about Colorado property tax on rental property.

Posted in: All About Rentals, Homeowner Information Tagged: Property Taxes, Short Term Rentals

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About Us

Mountain Living Real Estate, a.k.a. The Mountain Living Team, is a family owned, second generation, real estate company that has been helping buyers and sellers in Summit County since the early 90’s.  Mountain Living Real Estate is committed to going above and beyond to ensure their clients have the most amazing real estate experience possible.  Jason & Meredith take a personal approach to educate their clients, empowering them to make high quality decisions no matter the situation.  They take exceptional care throughout the sales process and beyond; striving to make each client’s path in Summit County one filled with fun, excitement & great memories.

Work with Mountain Living Real Estate and you’ll understand why so many people say, “We Love Mountain Living!”

Testimonials

Jason used amazing strategy for pricing, selling and acquisition of our next property. In this market this strategy is critical for success – especially with the buying process. Summit County real estate is a challenging market. We have bought and sold two properties and just bought our third. Jason and Meredith have been there for Continue Reading

Ben from Centennial February 2, 2022

You were very knowledgeable and supportive during this transaction. I was most impressed with your calmness and smart decision making during a chaotic process. Thank you again for your calmness during all of this.

Barbara from Centennial January 24, 2022

home in Breckenridge

We were very impressed with your professional skills, timely communication, and excellent listening skills. We felt you cared about us and our success.

Frederick from Colorado January 24, 2022

Living room in Dillon condo

(I was most impressed that they) Kept us informed through it all and helped navigate the things that needed to get down in a timely fashion. Also really appreciated help getting people to do some of the things done around the house.

Kate from Ft Collins November 4, 2021

House in Hamilton Creek

You guys did an exceptional job for us and went the “second mile” in many ways. We were most impressed with Pro-active and involved interaction with us and everyone in the process. Your team was exceptional. Recommended many things for us to do, and then helped us do them. Followed up,, checked in, and helped Continue Reading

Warren & Sue from TX August 12, 2021

Treehouse condo

Over the years we have bought and sold over 30 pieces of property and this was one of the most efficient and painless processes. Service and attention was A-perfect!

Jack from FL August 9, 2021

Gateway condo in Keystone

I very much enjoyed working with both Meredith and Jason, they really focused on our needs and questions. Their knowledge of the Summit County Area was worth its weight in Gold. Thank you guys!

Glen from GA July 27, 2021

sale of house

We were most impressed with your good judgement and advice on everything. Thank you for navigating us through the sale of our house.

David & Cecile from Boulder July 14, 2021

Copper Mountain Ski Resort

Great service- more forward leaning than previous realtors Most impressed with follow up, knowledge of local market, going the extra mile on document review and getting HOA questions answered. Good advice on price point, patience, and negotiations. Understandably you aren’t always available to look at properties, but in the crazy COIVD market there was one Continue Reading

Holly from Colorado Springs June 14, 2021

Most impressed with the dedication to getting the best deal for us! Exceptional service, skilled negotiators, truly worthy! I wouldn’t consider hiring anyone else. Thank you Meredith and Jason.

Lloyd from Salida June 4, 2021

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Jason and Meredith Adams

Jason & Meredith Adams
Mountain Living Real Estate

101 Main St, #109, PO Box 4115 Frisco, CO 80443

(888) 666-0844
team@mountain-living.com

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