BOCC Deny Snowmass Base Village Owners' Tax Abatement Appeal, ADN

The Snowmass Base Village is a redevelopment at the bottom of the Snowmass Ski Area that once promised construction of more than 1 million square feet of residential, hotel, restaurant, retail and conference space. Financing for the construction fell through after the national economic downturn. It has been in foreclosure since 2009.

ASPEN AND SNOWMASS VILLAGE REAL ESTATE - The Pitkin County commissioners (BOCC) voted unanimously Monday to deny an appeal by the owners of the beleaguered Base Village development to lower the taxable value of its Viceroy property by $57 million. ...The appeal is based upon the owners' representation that the Viceroy development should be appraised with a commercial value instead of Pitkin County's  residential value. The assessor’s office valued much of the property as “residential,” which created a taxable value of $152 million, even though the condo owners largely got out of their contracts and their units were eventually used as hotel rooms. The Base Village owners are appealing that, claiming it should have been valued primarily as a hotel, with a “commercial” appraisal based on the amount of income it generated.

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Photo: courtesy of viceroyhotelsandresorts.com