ASPEN REAL ESTATE – Completed purchases of the Limelight Lodge and the Lodge at Aspen Mountain property have delivered their own mini-windfall into the city of Aspen’s real estate transfer tax coffers, and have helped get budgets back on track.The South Aspen Street site of the proposed Lodge at Aspen Mountain sold for $15 million around April 1 and the Limelight sale closed for $37.9 million on April 13. As with all real estate transactions in Aspen, the city assessed a real estate transfer tax (RETT) of 1.5 percent to these sales. Although there are variables in the way the tax is collected and the final numbers haven’t been calculated yet, city finance director Don Taylor said he expects April to net around $800,000 in RETT collections, mostly on the strength of these two sales.The city technically has two separate RETT taxes. A 1 percent RETT goes into the city’s affordable housing development fund, while another 0.5 percent RETT benefits the Wheeler Opera House endowment fund.
By Curtis Wackerle, May 3, 2010, Aspen Daily News

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