First-time homebuyers have until the end of November ‘09 to close on a home to take advantage of the $8,000 tax credit.  If you are a first-time buyer in the Vail Valley, Eagle or Gypsum areas, or anywhere in Eagle County, you need to get off the dime and start looking.  There are lots of great homes (100ish) currently for sale under $300K.   As of today there are approx 15 homes for sale under $200K!! 

How do you qualifiy for the $8,000 tax credit?  In general terms, if you are a first-time home buyer (have never owned a principle residence or have not owned a principle residence for at least three years) you qualify.  If you are single and earn less than $75,000 or if your married and earn less than $150K you qualify.  What’s nice about this tax credit (The American Recovery and Reinvestment Act of 2009) is you do not have to pay the money back! 

Another very nice feature is this is not a tax deduction but rather a tax credit.  A tax credit is a dollar for dollar reduction in the taxes you owe the Federal government.  For instance, let’s say you owe the Federal government $3,000 in taxes for 2009.  With the $8,000 tax credit the government will send you a refund check for $5,000! ($8,000 tax credit, minus $3,000 for taxes owed, leaves a balance of $5,000 refunded to you)

If you plan on living in Happy Valley for any length of time, have been thinking about how you should buy a home, and don’t pull the trigger in the next few months, you will not only have missed the tax credit, you will have missed the best buying opportunity you are going to see for sometime in Eagle County.  So, get going.  Don’t know how to get going or want help to get going, call me.

[The info provided above should be verified by your accountant or financial advisor.]

Vail land owners received their tax appraisals from Eagle County Tax Assessor and like residential real estate, values and taxes are up even though land prices are down in many Vail communities.  The property valuation reflects the real estate market activity from January 1, 2007 to June 30, 2008.   The number of sales may have decreased during that period, however, the asessor’s based their tax assessments on the prices.  Yes, 2007 saw some high prices, but adjustments were starting to be seen in 2008, especially on land sales.  Currently, there are significant price reductions on Golf Course lots in the Vail Valley.   Vail land prices are down 30 Per Cent or more, so it is a great time to buy vacant land in Vail.

Golf Course Property in Vail

To derive property tax, the actual value of the property is multiplied by the assessment rate.  Land assessment rate is 29%.  Property owners share in providing revenue for local services, schools, police and fire protection, local government and public health. sThe Eagle County Assessor’s Office is welcoming tax appeals for this period.  You can do it in person , mail, fax, or e-mail.  For an appeal to be successful, the owner should provide an appraisal dated in the six months prior to June 30, 2008, evidence of details of sales from the subject or comparable properties, or information correcting details the assessor may not know.  A follow up inspection of the property may be necessary. 

You can contact the Eagle County Assessor at 500 Broadway, or P.O. Box 449, Eagle, Co. 81631or phone them at 970-328-8640 or 1-800-225-6136 X 8640.  EMAIL: assesor@eaglecounty.us

Golf Course Property in Vail Valley

If you are looking for information on Vail Valley Land where prices have come down significantly, check out Cordillera, Red Sky Ranch in Wolcott, Eagle Ranch and Gypsum at www.vailhomesandland.com

For questions on land prices and where to find some great lots in Vail, contact:  Teri Lester, Eco-Broker  970-376-0779 or tlester@gatewaland.com. 

How are county appraisals different than “fee” appraisals?

The practice mass appraisal, the properties as of a given date, using standardized procedures and statistical testing. This differs from single-property fee appraisal, which normally deals with only one party determined by the boards of taxing authorities: schools, county, towns, fire, metropolitan districts and others. These entities provide tax supported services and are listed on your tax notice.

-I don’t have children. Why do I have a mill levy for the school district?

The mill levies that are assessed to your property area determined by the district in which your property is located, not by personal use of the taxing district.

-While looking at your Sales Comparison Reports I noticed that you have my neighbors’ sale listed at $550,000. However, I know that they sold their house for $500,000.

You are most likely looking at the “time adjusted sales price” for that particular sale. Adjustment of sales for time is required by State Statute. By definition, a “time adjusted sales price” is the price for which a property sold at some given time, adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. To meet our State Statute requirements, all available qualified sales were analyzed within various economic regions (Vail, Avon, Edwards, Eagle, etc), and by type, (vacant or improved, residential, or commercial). Each individual sale was then adjusted to the appraisal date of June 30, 2008.

-Frequently Asked Questions

Assessor’s Office welcomes appeals regarding real property valuation from May 1, 2009 until June 1, 2009. This may be done in person at the Assessor’s Office in the Eagle County Building or in writing via mail, fax or e-mail. For an appeal to be successful, the owner should provide an appraisal dated in the six months prior to June 30, 2008, evidence of details of sales from the subject or comparable properties, or information correcting the details of the property that the Assessor may not know. A follow-up inspection of the property may be necessary.

Eagle County Assessor

500 Broadway

PO Box 449

Eagle, CO 81631

Tel: 970-328-8640 1-800-225-6136 ext 8640

Fax: 970-328-8679

E-Mail: assessor@eaglecounty.us

Eagle County Real Estate Taxes reflect stable property values.  According to Eagle County Assessor, Mark Chapin, in most cases property values have increased or remained constant for the 2009 reassessment. “The perception of property owners may be their value has dropped, but this just isn’t the case,” said Chapin. “By state law, values were determined during a time period before the county really started to feel the economic downturn.” So all the homeowners who cannot sell their homes, whose businesses are suffering, can expect their tax bill to be the same or higher!  I suspect there will be quite a few unhappy Vail and Eagle County residents this year as they open their new real estate tax assessment.

Arrowhead Ski Home - Price Reduced 25%

On May 1, the Eagle County Assessor’s Office will mail Notices of Valuation to all property owners of record. Counties throughout the state are required to conduct a complete reassessment of all property every two years. Under Colorado law, property valuations must reflect the real estate market activity from Jan.1, 2007 to June 30, 2008.

Valuations will be used to determine 2009 and 2010 property taxes, payable in 2010 and 2011 respectively. To derive the property tax, the actual value of the property is multiplied by the assessment rate set yearly by the state.

For 2009, the rate is 7.96 percent for residential properties and 29 percent for most other properties. The result is then multiplied by the total mill levy specific to each property. To determine your mill levy, visit www.eaglecounty.us/assessor.

Property owners who believe their 2009 property value is not supported by the real estate market from Jan. 1, 2007 to June 30, 2008, or whose property’s characteristics are not listed correctly on the Notice of Valuation, can appeal their valuation through June 1.

Appeal in person at the Assessor’s Office at the Eagle County Building at 500 Broadway in Eagle, or in writing via mail to P.O. Box 449, Eagle, CO 81631, or by FAX to (970) 328-8679, or by email to assessor@eaglecounty.us. If appealing in writing, be sure to identify the property and provide reasons for the appeal.

For information on sold properties or current properties for sale throughout Eagle County,  contact Teri Lester, Eco-Broker 970-376-0779 or tlester@gatewayland.com

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