Vail revenue picture is bright
The biggest jumps
Here’s a look at the biggest percentage boosts in Vail’s various revenue streams this year, through Oct. 31:
• Real estate transfer tax: Up 48.5 percent from 2013.
• Summer ski lift tax: Up 57.4 percent from 2013.
• Construction use tax: Up 27 percent from 2013.
VAIL — In dividing up the Vail Valley’s economic pie, the town of Vail almost always represents the biggest slice. That’s been especially true during the recovery from the economic slump that first hit the area in 2008.
In a recent report to the Vail Town Council, the numbers show the town has continued its strong revenue growth from the declines of 2009.
The town’s sales tax collections surpassed the previous highs of 2008 in 2012. The year so far continues that growth. Sales tax collections in September — the last month for which figures are available — were $1.051 million, a 5.7 percent increase from the same period in 2013.
For the year so far, sales tax collections are up 8.5 percent from 2013.
Perhaps even better news is the performance of the town’s real estate transfer tax. As the valley’s real estate market has improved during the past couple of years, both brokers and town officials had expressed concerns that the town-imposed 1 percent tax on real estate sales wasn’t recovering along with the broader market.
Through the end of October, real estate tax collections have increased 48.5 percent over the same period in 2013. According to a recent report, those collections have been fueled by some big-dollar sales. There have been six sales of $10 million or more in Vail this year, and another 19 sales of between $5 million and $10 million. Add in another 31 sales of between $2.5 million and $5 million, and the town’s 1 percent take adds up to $3.4 million, 63 percent of the $5.4 million total.
Besides real estate, the town also imposes a sales tax on construction materials purchased outside town. That tax through the end of October had collected $1.69 million, a 27 percent increase from the same period in 2013.
The town also collects taxes on lift tickets sold. For the summer season, that tax brought the town nearly $95,000, an increase of more than 57 percent.
Overall, the town has collected $47.9 million in various taxes through the end of October, a 15 percent increase from 2013.
Vail Daily Business Editor Scott Miller can be reached at 970-748-2930, firstname.lastname@example.org and @scottnmiller.
Support Local Journalism
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User