The Fuse has been lit. In less than (10) months the new 2018 Eagle County Property Tax Explosion – will Detonate…and you’ll be forced to pay up!
The information (about your Eagle County Property Taxes) recently printed in the Vail Daily (Rondeau P. A6 -23MAR) was inaccurate and wildly misleading. Here are the FACTS.
1 – Your Property Taxes on Commercial and Residential are going UP next Year (2018) and there is absolutely nothing you can do about it.
3 – The Property Tax increase you’ve already experienced on your January 2017 Bill is due to EC School District Ballot Issue 3A also approved by the EC majority voter in November 2016.
It turns out…our EC School District did not actually “Bond” for the additional Debt (3B) until (approximately) the last week of January 2017 – Bond Term 20 years . By that time your (2017) Property Tax Bill had already been printed and U.S. Mailed with the EC School District’s increased Mill Levy to – 25.209 Mills, reflecting the additional Tax increase for (3A). 3A’s Tax obligation covers the additional $8Million/yr. expense spending by the School District – till December 31st 2023. Comparing the Debt Service Property Tax obligation of 3A vs. 3B is like comparing a Firecracker to a Nuclear explosion.
How much will my Residential and Commercial Property Taxes go up next Year?
Answer: As of March 2017 – it’s impossible to say (exactly) how much. Why? Two major factors need to be considered. First, per Colorado State Statue a “State Wide” Property “re-evaluation” is already underway by the EC Assessors office. Expect to see your new Property Valuation official letter from our Assessors office this Summer 2017. That new Eagle County Property Valuation is expected to be higher (in most cases) than the Property Valuation you received – two years earlier.
Second is the “rebalancing effect” of the Colorado Gallagher Amendment that will be enforced soon. Per State Statue – Property Tax Rates are different between Commercial and Residential Property. Currently, Residential being 7.96% and Commercial at 29%.
Some Colorado Tax advisors believe a Residential Tax Rate will likely drop below 7.96% – due to the increase in Colorado’s population (mostly on the Front Range) and the fact there are more new Homes paying Property Tax.
Know This: Regardless of the variable effects of Gallagher and Property Re-Assessment – the new annual/additional Debt Service School Bond obligations MUST be paid each Tax year to come.
Time will tell exactly – however what you need to know is that your Eagle County Property Taxes will unquestionably go UP – in January 2018…far more than, Jason Glass and your elected School Board members– are willing to “publically admit” to you today.