The new agricultural tax [ag-tax] law was aimed at blocking toy ranch owners from getting thousands of dollars in tax breaks when they get luxury residential properties classified as commercial agriculture operations, by taking on a minuscule amount of farming. Signed into law in April, the measure could stop maneuvers like actors Goldie Hawn and Kurt Russell’s re-classification of their 70-plus acre Old Snowmass property as agricultural in 2002, which netted not only a tax break but a payment of more than $37,000 from Pitkin County for the couple’s past overpayment of property taxes.
ASPEN REAL ESTATE – Pitkin County has asked the group applying to build a 15,000-square-foot home on the historic Stapleton ranch on Owl Creek Road to agree not to use the 10-acre plot for ranching.The project’s developers objected to the odd county mandate Tuesday.The situation may be further complicated by a new state law aimed at closing a tax loophole that has allowed some Coloradans to pay lower taxes for their land when it’s classified as agricultural, even when they’re not actually using it for farming.A Beverly Hills-based limited liability company has applied to build the massive home on the site of the Stapleton ranch, which generations of the well-known Aspen family had used for ranching since the 19th century. The Stapletons sold it for $7.2 million last year.“The county finds that the primary use [of the re-development] is residential, not agricultural,” said county hearing officer Jim True.
By Andrew Travers, Sept. 21, 2011 ADN
For Sale – MLS #120978 : 1314 Woody Cr Rd, Woody Creek, CO – Woody Creek Christmas Tree Farm (Courtesy of CB The Aspen Brokers). Link valid for 30 days until 10/21/11.