You are here

Four tax-season tips for Aspen home and condo owners

Posted: 13 Mar 2017

Tax season is upon us, and it's time to fill out and file those forms. For homeowners, there can be many questions about properly filing their taxes. There can be many tax benefits to home or condo ownership in Aspen Snowmass, but unfortunately, many owners do not take full advantage. As a homeowner, what do you need to know? Let's take a look at four tax-season tips for Aspen Snowmass home and condo owners for 2017.

Aspen real estate

1. Your property tax bill changes in even years.

Your 2016 tax bill shouldn't have brought you any major surprises when it was delivered in mid-January 2017. Property valuations happen in even years, so your 2018 tax bill will reflect an updated assessment of your residential property value. However, if you completed a remodel or addition to your Aspen home or condo in 2016, you may see an increase on this off year.

2. If you live in Snowmass or Basalt, your tax bill is (slightly) higher because of recently passed ballot issues.

In 2016, Snowmass Village and Basalt voters decided to increase mill levies to support local initiatives. In Snowmass, taxpayers are contributing to new mill levies for the Snowmass-Wildcat Fire Protection District (about $88 for every $500,000 of assessed property value) and the Snowmass Water and Sanitation District ($9.45 per $500,000 of assessed property value). Last year, voters also approved an additional property tax to support the Aspen School District. Snowmass Village is within the Aspen School District--a valuable asset for property owners--but they have not contributed funding in the past. The new tax will start being collected in 2018 and continue through 2022, and Snowmass homeowners will contribute $40 for every $500,000 in assessed property value.

In Basalt, new mill levies support the Basalt Library Tax that was passed this year and additional Town of Basalt initiatives that were approved in 2013 but haven't been funded through collections yet.

Aspen voters approved tax extensions in last year's ballot questions, so tax bills will appear unchanged.

3. You can rent your property tax-free!

If you're using your dwelling for personal use, you're allowed to rent it for rental income for 14 days per year without incurring taxes. We recommend you consult your tax advisor for information regarding your specific situation, but this loophole has potential to create some additional revenue for your Aspen property. If you're interested in exploring rental revenue opportunities or curious about what it takes to get your property rental-ready, contact us today!

4. If you made an energy-efficiency upgrade to your home, you may be eligible for a rebate.

The City of Aspen's CORE program (Community Office for Resource Efficiency), offers many rebates for residential upgrades, from solar panels to heat-tape timers. This local organization is also a great resource to find out about rebates available through utility services. Check out for more information.

The Frias Properties team is always available to discuss our professional property management services and how it can benefit you on Tax Day. Call our office at 970-920-2000 and let us know that you're a local homeowner!