Updates from Sally Shiekman
As a seasoned broker with deep roots in Aspen, Snowmass, and the Roaring Fork Valley, I’m passionate about sharing insight into our dynamic markets. Whether you're buying, selling, or simply staying informed, my goal is to help you navigate with clarity, confidence, and a local’s perspective.
Cheers! To the best ski season ever!
December 22, 2023
As the snow begins to blanket Aspen and Snowmass, excitement and nostalgia fill the air. This isn't just any ski season; it's the beginning of an exhilarating new chapter in my beloved mountain ski areas.This year, Aspen Mountain proudly unveils its Hero's terrain, marking the first significant expansion since the introduction of the Silver Queen Gondola in 1985. This addition brings a vast 153 acres of fresh terrain, including nineteen chutes, three gladed areas, and four new trails. It's a mix that caters to all skiing levels, offering breathtaking views from Independence Pass to the Roaring Fork River. As someone who has skied these slopes since childhood, I can hardly wait to explore every inch of this new terrain.
The excitement continues with Aspen's return to the International Skiing Federation World Cup stage in March 2024. This season, the focus is on the men’s giant slalom and slalom, promising a thrilling showcase of athletic prowess on our legendary slopes. The energy and anticipation around this event are palpable, and it's a privilege to see Aspen play host to such a prestigious global competition again.
Meanwhile, Snowmass has earned its own spotlight, being voted the No. 1 ski resort in the U.S. and Canada in Conde Nast Traveler’s 2023 Reader’s Choice Awards. This recurring accolade (voted #2 in 2022) reflects the area's evolution into a ski destination that perfectly combines delightful terrain with a lively après-ski atmosphere. It's a testament to the charm and character of a place that holds so many cherished memories for me.
Beyond the slopes, there are new restaurants, live music, and endless events to enrich your ski experience.
I am filled with a sense of pride and anticipation. Aspen, Snowmass, Buttermilk, and Aspen Highlands provide endless varieties of terrain, experiences, and memories. This year, more than ever, the region will sparkle in the snow.
If you or someone you know is interested in Aspen, Snowmass and the Roaring Fork Valley real estate, please reach out at 970-948-7530 or Sally@SallyShiekman.com.
Homeowner Tax Relief is Coming
December 8, 2023
In the wake of Colorado's recent legislative session, Aspen homeowners and everyone in Pitkin County face a landscape of changing property taxes. This is a direct response to the significant increase in property values in the state, with Aspen and the Roaring Fork Valley experiencing some of the steepest rises following the COVID-19 pandemic.
After the defeat of Proposition HH, a tax measure aimed at reducing property taxes, Governor Jared Polis convened a special session that led to the creation of Senate Bill 1. This bill offers temporary relief from the surge in property taxes due in 2023. It’s a notable shift from Proposition HH, providing similar relief but funded from the general state fund rather than the TABOR (Taxpayer Bill of Rights) surplus money.
The specifics of Senate Bill 1 are particularly relevant to the Roaring Fork Valley. The bill has lowered the state assessment rate and increased the home value deduction when calculating taxes. While this translates to an average saving of about $200 for Colorado homeowners, the impact on Aspen homeowners and the rest of Pitkin County might be more pronounced due to the area's higher property values and unique real estate market dynamics.
Property taxes in Aspen are calculated by considering a home’s valuation, the state assessment rate, and local mill levies, which are taxes set by local districts, including schools and fire departments. The state-level changes mean that the current year's local mill levies are yet to be finalized. The county has promised to release them by January 10, 2024, and also promised that they will not increase by more than 5.5%. This creates some uncertainty in the exact figures for property taxes.
Using previous years' data and projections for the current year, estimates suggest that homeowners in Aspen and wider Pitkin County could see significant savings under Senate Bill 1. The savings could be substantial when considering the adjustments in the state assessment rate and the increase in deductible value.
Local mill levies have not been released, so it is impossible to be precise. But to estimate the potential tax savings, homeowners can start by assessing their property’s valuation minus the new $55,000 state deduction, then apply the new state assessment rate of 6.7%, and finally multiply by the total mill levies for their property. Comparing this with the calculations under the previous assessment rate and lower deduction rate can reveal the extent of savings attributable to Senate Bill 1.
These changes are critical for the real estate market in Aspen and Pitkin County. They provide short-term relief from the rising property taxes accompanying the area's booming real estate market. Homeowners and potential buyers should consider these changes in their financial planning and investment strategies, as they represent a significant factor in the overall cost of owning property in this high-demand area.
As the situation evolves with the certification of new mill levies and further market developments, staying informed and understanding the implications of these legislative changes will be crucial for Aspen, Snowmass, and Roaring Fork Valley homeowners in navigating the real estate markets and managing their property investments effectively.
If you or someone you know would like to put my Mountains of Experience to work for you, please call me at 970-948-7530 or email at Sally@SallyShiekman.com.
After the defeat of Proposition HH, a tax measure aimed at reducing property taxes, Governor Jared Polis convened a special session that led to the creation of Senate Bill 1. This bill offers temporary relief from the surge in property taxes due in 2023. It’s a notable shift from Proposition HH, providing similar relief but funded from the general state fund rather than the TABOR (Taxpayer Bill of Rights) surplus money.The specifics of Senate Bill 1 are particularly relevant to the Roaring Fork Valley. The bill has lowered the state assessment rate and increased the home value deduction when calculating taxes. While this translates to an average saving of about $200 for Colorado homeowners, the impact on Aspen homeowners and the rest of Pitkin County might be more pronounced due to the area's higher property values and unique real estate market dynamics.
Property taxes in Aspen are calculated by considering a home’s valuation, the state assessment rate, and local mill levies, which are taxes set by local districts, including schools and fire departments. The state-level changes mean that the current year's local mill levies are yet to be finalized. The county has promised to release them by January 10, 2024, and also promised that they will not increase by more than 5.5%. This creates some uncertainty in the exact figures for property taxes.
Using previous years' data and projections for the current year, estimates suggest that homeowners in Aspen and wider Pitkin County could see significant savings under Senate Bill 1. The savings could be substantial when considering the adjustments in the state assessment rate and the increase in deductible value.
Local mill levies have not been released, so it is impossible to be precise. But to estimate the potential tax savings, homeowners can start by assessing their property’s valuation minus the new $55,000 state deduction, then apply the new state assessment rate of 6.7%, and finally multiply by the total mill levies for their property. Comparing this with the calculations under the previous assessment rate and lower deduction rate can reveal the extent of savings attributable to Senate Bill 1.
These changes are critical for the real estate market in Aspen and Pitkin County. They provide short-term relief from the rising property taxes accompanying the area's booming real estate market. Homeowners and potential buyers should consider these changes in their financial planning and investment strategies, as they represent a significant factor in the overall cost of owning property in this high-demand area.
As the situation evolves with the certification of new mill levies and further market developments, staying informed and understanding the implications of these legislative changes will be crucial for Aspen, Snowmass, and Roaring Fork Valley homeowners in navigating the real estate markets and managing their property investments effectively.
If you or someone you know would like to put my Mountains of Experience to work for you, please call me at 970-948-7530 or email at Sally@SallyShiekman.com.