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SSBR Working to be a part of Downtown Steamboat Revitalization

06-01-2017

The Steamboat Springs Board of REALTORS® is working hard to find our place in the downtown revitalization project currently taking place in Steamboat.

Through the National Association of REALTORS®’ Placemaking Initiative, money is available to local REALTOR® associations such as ours to build community gathering areas that fit well into a larger cohesive project. Things such as small parks or parklets, trail heads, community gathering areas, pop up libraries and other spaces can be built with grant money that not only benefits the community but raises the profile of the REALTORS® within our community.

For more information on what’s going on downtown, click here: http://www.steamboatsprings.net/downtown And, keep your eyes open for more ways our members can get involved in making the area a better place to live and work.

Real Estate Transfer Taxes, Annexation on the Table in West Steamboat

To help fund more affordable housing projects in the city, the council is eyeing a 1 percent transfer tax on the sales of the homes developer Brynn Grey Partners wants to build in west Steamboat.

The transfer tax appeared to be the most popular idea to quell concerns the council has about the long-term affordability of the homes that would be built on the former Steamboat 700 property.

As an example of the willingness of the developer to get these units approved, Brynn Grey is proposing to chip in about $700,000 for transportation improvements near the housing development when city officials estimate the contribution could be as high as $13 million. But, since the gap between those numbers is so large, Council is tossing around other ideas.

Several members of council are open to the idea of a tax on specific developments, and noted multiple developers in Steamboat have voluntarily agreed to impose transfer taxes on the sale of units in their developments to support different things in the community. For example, a transfer tax on the sale of units at Howelsen Place benefits public art in Steamboat. And a similar transfer tax on units at the Olympian benefits the Steamboat Springs Winter Sports Club. More recently, the owners of the RiverView property have proposed a transfer tax to benefit improvements in the Yampa River.

This topic will next be on the agenda at a June 13th City Council work session.

State News – Governor to Sign Bill that Clarifies Home Grown MMJ Rules

Later this week, Governor Hickenlooper will sign legislation that clarifies the number of medical or recreational use marijuana plants that can be possessed or grown on a residential property to 12 plants unless a medical caregiver or patient registers with the state. This law WILL NOT supersede any county or local regulations that may already be in place around Colorado.

Large residential marijuana grows and the manufacturing operations they often bring with them have many consequences including obvious health and safety concerns, an increase of both human and automobile activity that is inconsistent with many residential neighborhood environments, extensive odors related to marijuana growth and harvest, and potential stigmatization of adjacent properties. The Colorado Association of REALTORS® worked with the Governor’s office and other stakeholders to decrease the marijuana grey market and its effects on real estate.

CAR supported this legislation because the grey market creates an opportunity for property uses that are wholly inconsistent with basic concepts of zoning and appropriate property use. In many cases, these “residential” grow operations are effectively “commercial” uses that are immediately adjacent to or, in some cases, attached to, the places our fellow Coloradans call “home.”

These consequences can interfere with a homeowner’s quiet enjoyment of their most sacred place… their home. Further, the current medical marijuana regulations do not respect the financial investment residential property owners have made in what is often their single largest investment… their home.

NAR Provides Tax Reform Analysis to Congress

In the last week of May, the National Association of REALTORS® distributed a report to members of Congress that provides analysis of current federal tax reform proposals and their effects on the real estate industry as well as American’s taxpayers.

NAR engaged the DC firm PwC to review the impact of comprehensive tax reform that would lower and consolidate marginal tax rates to three rates with a top rate of 33 percent, double the standard deduction, eliminate all itemized deductions other than charitable contributions and mortgage interest, eliminate personal exemptions

  • Taxpayers (including both homeowners and nonhomeowners) with an adjusted gross income (AGI) between $75,000 and $250,000 would on average pay higher income taxes, while all other income categories would on average enjoy tax reductions.
  • Homeowners with AGI between $50,000 and $200,000 would see an average tax increase of $815.
  • Non-homeowners with AGI in the same range would see an average tax reduction of $516. • Taxpayers with AGI under $50,000 would see average tax reductions of under $100.
  • Taxpayers with AGI over $200,000 would see average tax decreases of over $15,000.
  • The after-tax cost of homeownership will increase while the opportunity cost of home equity (relative to alternative investments) will rise. These factors will lead to a decline in housing prices in the short run, as housing becomes a less attractive investment.
  • Home prices in the short run would fall by an overall average of 10.2 percent because of the comprehensive tax reform. The price impacts in specific localities will vary based on local conditions. The report found decreases between 8-12 percent based on alternative assumptions for local conditions.
    The complete report can be viewed here: http://narfocus.com/billdatabase/clientfiles/172/21/2888.pdf