2016 – Eagle County’s Year of "Non-Affordable Housing"

by  Clayton Moore

It’s a FACT:  2016 will go down in history as the biggest Year yet of  “Non-Affordable Housing” in Eagle County, Colorado.

This year (Nov. 2016), Eagle County Majority Voters – REJECTED en masse the Ballot Question (1A) to pay more Taxes for “Affordable Housing” INSTEAD voted for both Ballot Questions (3A & 3B) to give the EC Public School District the largest Property Tax Increase in the history Eagle County.

Your Property Taxes are going up.  Your Mortgage payment is going up.  A lot.  Renters can count on (2017) your landlord(s) willingness to share his Tax increase – targeting your monthly RENT.

Thank You Eagle County CFO (John Lewis) and EC School District (COO Sandara Mutchler) for the help with the accuracy of the numbers below, from the ECT’s accounting efforts this past week.

Eagle County School District =   RE50J School District, 015-018

The numbers below are representative of a Residential Home with a $500,000.00 value.

2016 Mill Levy 2017 Mill Levy 2016 Property Tax 2017 Property Tax % Increase  2017
20.331 25.209 $809.20 $1,003.36 24.0%

Now the new Tax Numbers for $1Million dollars of Commercial Property

2016 Mill Levy 2017 Mill Levy 2016 Property Tax 2017 Property Tax % Increase  2017
20.331 25.209 $5,895.99 $7,310.61 24.0%

Now, here is the interesting part of what the EC School District hasn’t told you (yet).

FACT:  They haven’t (yet) Bonded for Ballot Question (3B) – so it’s not reflected in the increased Tax Numbers above!  Recall the (3B) Ballot Language specified an additional $233 Million in long term debt – attached to your Property.

You, your family and your commercial business won’t “feel” that Additional Property Tax increase until your January 2018 Property Tax Bill arrives next year!

More Interesting Facts:  Our School District is under ZERO obligation to “bond for all” of the (voter approved) Debt.  Legally, they can Bond for any amount up to the $233Million repayment cost at anytime looking forward.

ECT will insist: That our School District will likely (bond for it all in January 2017) because of concerns of Increasing Interest Rates in the over all Bond Market in the months to come…Higher Bond Interest Rates simply means the District has to pay more in Interest (out of their $233 Million Debt allowance).

Affordable Housing Myth – the Untold Story in Eagle County, Colorado

Have you ever wondered WHY you never read in our Daily Fishwrap Newspaper – the liberal argument that local Eagle County Businesses “need to pay a working wage” – to their employees?

No, you’ll never read that.  Local Business owners (by and large) are happy to publically promote (read: their mouth piece –the Vail Valley Partnership’s) view that Affordable Housing is “our Community’s issue” uniquely solvable by having everyone (else) pay to solve their (employee hiring) hence employee housing cost problems.

For their part the Fishwrap folks are happy to promote this singular view (they do) because of the immense volume of paid print advertising that all these local businesses (collectively) pay into the Fishwrap – every single year.

One More Point to make…

Fact is:  Every single piece of Vail Resorts (Eagle County) Commercial Property is located inside our Public School District.  It’s Property Taxed at the 29% Rate – not to be confused with the 7.96% Rate on Residential Property.

Fact is:  Last May 2016 Eagle County Voters, voted a Property Tax increase for our Ambulance District.  All of Beaver Creek is inside that Amby District.  So?  So, shortly after that Property Tax Increase was announced  – Beaver Creek Resort Company (read: Vail Resorts) passed on some of their additional costs – by announcing that (for the first time ever) they’ll be charging Skiers $10.00/day/car to park in the formerly Free Skier Parking lots at Beaver Creek.

Now ask yourself what the cost of YOUR Skiing/Snowboarding is likely to be in Eagle County – when Vail Resorts starts passing on, their additional cost of doing business – thanks to the efforts of the (2016) Majority Voter in Eagle County.

Happy New Year

-CM

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