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Tax Increase on Rentals is Dead – For Now

Success!A bill was recently introduced to Colorado legislatures that proposed a property tax hike for owners of residential properties that engaged in short term rentals. That proposed change has caused quite an uproar in Colorado resort markets like Summit County. Our Realtor organization fought back and as a result we have been told the tax increase on rentals is dead, for now anyway.

The proposed 2020 Short Term Rental Bill would change short term rental properties to a non-residential tax rate of 29%. That’s a significant increase from the residential rate of 7%. The objective of the bill, according to Bob Gardner, is to level the playing field for hotels and motels with the individual owners of rental properties. Hotels and motels are non-residential and are, therefore, paying that 29% property tax rate already.

There has been a lot of concern about how the change would impact our economy in resort areas that count on short term rentals to provide housing to our tourists. Summit Association of Realtors and others stepped up to voice the opinions of property owners, Realtors, property managers and others that would be impacted by the legislations. As a result of a meeting with State Senator Bob Gardner (R- Colorado Springs), the opinions were heard and we have been told that the bill will not move forward in this legislative session. The tax increase on rentals is dead!

This is a concern that is not likely to go away. I expect these discussions about how to best update the laws will continue. At some point, there will be a change. It is up to all of us to let those making the laws know about the possible impacts the potential changes will have. Kudos to all that spoke up and voiced their opinions in this battle.

Posted in: All About Rentals 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!”

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We were most impressed with their team work and insights. We enjoy working with Jason & Meredith. We trust them and know we can count on them. This is our 6th transaction with Mountain-Living!

David from Evergreen June 16, 2022

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Brad was most impressed with Jason for his honesty. He could think of nothing that he should or could have done to make the transaction better.

Brad from KS May 3, 2022

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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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Jason & Meredith Adams are both licensed to sell real estate in the state of Colorado

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