The City Manager's recommended budget for the Fiscal Year beginning July 1, 2010 includes a proposed 6 percent increase in the City's portion of the property tax rate. This would increase your total property tax bill by less than 1 percent. This pamphlet discusses the recommended increase and what it means for Park City homeowners.
Prevent New Tax Burdens on Real Estate
May 21st, 2010
Congress is considering new tax proposals that would place additional burdens on owners and investors in residential and commercial real estate. The real estate industry is still very fragile and likely to remain so. In better times, the real estate industry would be a dynamic engine of job creation. Any new tax burdens on real estate owners will impair and delay further recovery. These proposals are ill-advised, inopportune and potentially destructive. Please take action today to tell Congress "No New Real Estate Tax Burdens".
Send a letter to the following decision maker(s):
Your Congressperson
Your Senators
Below is the sample letter:
Subject: REALTORS oppose new tax burdens on real estate
Dear [decision maker name automatically inserted here],
I am a Realtor and your constituent. Reports indicate that Congress may vote this week on a spending and tax measure that could include two harmful tax provisions directly affecting real estate. I urge you to oppose these changes.
The first would require that ALL landlords provide an IRS Form 1099 to all contractors they do business with if they pay that contractor $600 or more in any given year. The proposal would apply even to those who own just one property. This is a trap for the unwary. Since many of my clients are "little guys" looking to supplement their income with real estate investments, any proposal requiring them to file Forms 1099 would impose new expenses and subject them to penalties they are ill-equipped to pay. Often these small landlords don't use tax professionals; if adopted, this proposal could force them to incur the expense of hiring tax professionals. This proposal is burdensome and overreaching. Oppose it.
I also oppose a proposed change to tax carried interest at ordinary income rates. A real estate investment however, is fundamentally different from a hedge fund or financial instrument investment. An investment in real estate is nothing like playing with other people's money. Real estate is a fixed asset held for a long period of time. The worst thing about this proposal is that, for the first time, a particular type of real estate investment gain would no longer qualify for capital gains treatment. This is a terrible precedent. Oppose it.
The real estate industry, in all its commercial, multi-family and individual investment categories, is still very fragile and likely to remain so. These proposals are ill-advised, inopportune and potentially destructive. Keep our real estate market recovery on track by opposing these measures.
Sincerely,
Deb Hartley
What History Teaches Us
April 7th, 2010
If we look back to real estate trends spanning the past 100 years it's apparent that these trends generally tracked the inflation rate. Between 1996 and 2006 housing prices suddenly doubled while household incomes followed a more traditional path. What caused this to happen? Follow the link below to learn how the introduction of adjustable-rate mortgages (ARMs) lead American into an inevitable real estate crisis and what we could have learned from observing the past:
http://www.realtor.org/rmonews_and_commentary/opinion/1004_commentary_history
Spring Skiing in Park City
March 23rd, 2010
Spring skiing has arrived on the slopes of Park City and there are many deals out there if you are looking for a spring skiing vacation. Kate Maxwell from Conde Neste Traveler recently told the Today Show about some available deals in Park City:
2009 Stats for Resorts in the Western Mountain Area
January 26th, 2010
Interesting information regarding how Park City’s year end sales stats compared with resorts in Colorado, California, Canada, Idaho, Montana and Wyoming. Of all 13 reported resorts, Park City enjoyed the largest sold sales volume ($834,507) and the most number of sold units (1,070).
Park City fared better than every other western mountain resort. Every resort was off, but all were off by much larger amounts than Park City. Even so, the Park City Board of Realtors had a total of 1,113 transactions in 2009 which was the lowest number of sales since 1989.
Statistically speaking, our low point for the number of transactions was February, 2009. So we have seemed to turn the corner in number of sales months ago. The market continues to be price sensitive and interest rates will probably rise in 2010.
We are cautiously optimistic that 2010 will be better than 2010.
Happy Holidays
December 16th, 2009
Wishing you joy and happiness this holiday season and our best wishes for a healthy and prosperous new year.
Olympics Put Utah Skiing ‘on the Map’
December 11th, 2009
As the Vancouver Olympics approach this winter, many people are reflecting on past Winter Olympics such as the 2002 Salt Lake games. A recent Associated Press article highlighted the effects that the Olympics had on the Utah ski industry. Here are some of the articles key "Utah Talking Points":
- "Traffic on the slopes was up by 37 percent in the 6 years after the Olympics."
- "Utah skiing is now a $1 billion industry."
- "Off the slopes, this season's biggest improvement is a new set of state liquor laws."
- "The Canyons, a rival to Snowbasin in development, was once the smallest Park City resort, now bills itself Utah's largest ski area."
- "Utah always had the best snow, a secret the Olympics spilled far and wide. Major skiing magazines started to consistently rate Utah's resorts the best."
- "For the 3rd straight year, Deer Valley Resort has been named the #1 North American ski resort by a leading magazine, SKI."
- "For snow alone, Alta-Snowbird ranked #1, as it almost always does in major surveys."
It has been nearly 8 years since the Olympic Games came to Park City and skiers are still reaping the benefits.
Ski States are the Happiest States
November 16th, 2009
According to Ski Magazine a new survey has found Colorado to be the fourth-happiest state in the nation. It also turns out that, among the Top 5, three are what we would consider skiing states: Utah (No.1), Wyoming (No. 3), Colorado (No. 4). And hey, if you throw Minnesota (No. 5) in there -- they sure love their nordic skis in Minnesota -- skiing states take all but one of the Top 5. That leaves Hawaii in the No. 2 slot as the happiest nonskiing state. (Being able to surf every day of the week must count for something, right?) The moral here is pretty clear: Move to a ski state, get happy.
An Avalanche of Price Cuts
November 16th, 2009
As Luxury Ski Areas Go Into Deep Freeze, Sellers Capitulate to Market Realities
This title is from an article in the October 30, 2009 Wall Street Journal. Written by Nancy Keates, this article discusses the real estate markets as it relates to ski town and resort markets. The following excerpt is about specifically Park City
Park City, Utah, a popular destination with a mix of high and moderately priced homes, has shown some signs of stabilization. The number of homes sold as of August of this year was the same, 50, as it was by August 2008, an improvement over the winter. But pricey Upper Deer Valley is still struggling.
"I'm willing to go another year," says Craig Mogel, a developer in Deer Valley who initially listed a home he built at $9.95 million in the fall of 2007 and reduced the price by $1 million a year later.
To read the article in its entirety which discusses the high end real estate market in Aspen, Vail, Sun Valley, and Hawaii, click on this link An Avalanche of Price Cuts by Nancy Keates.
How many is a Brazilian?
August 27th, 2009
Two sisters talking: the brunette says to the blonde, "I'm dating a Brazilian man!" The blonde says, "You tramp! How many is a brazilian?"