Aspen Skiing Co. Wants Little Nell Hotel Value Dropped By $40M, AT

State board will hold hearing in March on property assessment appeal...Pitkin County had an unprecedented number of protests and hearings by the Board of Equalization in 2009. What makes the Little Nell hotel case unusual is it has dragged on for so long.

ASPEN REAL ESTATE — The Aspen Skiing Co. hopes to celebrate the New Year with tax relief.The Skico claims Pitkin County has overvalued its Little Nell hotel by $40 million. It has petitioned the Colorado Board of Assessment Appeals to reduce the actual value assigned to the luxury hotel at the base of Aspen Mountain. The Pitkin County Assessor's Office placed the actual value at $81,726,900 when the latest reappraisal was completed in May 2009. The Skico contends in a petition to the state that the Little Nell is worth only $40 million.A hefty property tax bill is at stake in the dispute. The Skico paid $598,516.32 in property taxes on the Little Nell for 2009, according to assessor's records. That was an increase of $47,870, or 8.5 percent, from the year before.If the Skico prevails in its case, the 2009 taxes paid and the 2010 tax bill will be reduced.
By Scott Condon, Dec. 23, 10 Aspen Times

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