Vail Daily letter: Taxes driving small business out
October 26, 2016
If the mill levy taxes are approved, like all other taxes they will affect commercial real estate 3 times and affect residential one time. I don't think that many people know this and know how this affects business around the valley. When taxes like this are passed, the local businesses around the valley have no choice but to pass on these extra expenses to their customers. So although the tax for residential property may only go up around $40, all of those residents are going to end up paying more for the goods and services that they buy every day because that business taxes just went up three times. When people campaign to increase taxes they should be clear and transparent about not only how the taxes are going to affect residents, but also how they are going to affect commercial property. No one ever mentions the tax rates for commercial property when they are campaigning to pass these types of taxes.
I also want to point out how these taxes affect renters in this valley. Every time taxes like this are passed, these taxes inevitably get passed along to the renters of the valley. The rental market in Vail Valley is already strained and on the verge of a crisis, which also takes a toll on the business of the valley. As the rental market continues to degrade, it gets harder and harder to find good help. These taxes are taxing businesses around the valley right out of business.
To my understanding, you are taxed $1 for every $1,000 your property is worth. So if you own a home that is worth $500,000, you will be taxed $500. That is normally all that is said about these taxes, but in reality if you own a commercial property that is worth $500,000, you will be taxed $1,500. It is not right that this aspect of the tax is so often overlooked and never talked about. The community has to know that these taxes not only affect their personal property but all of the goods and services that they buy.
If we continue to pass these taxes that severely affect all of the small businesses around the valley, we are going to drive out everyone that makes this valley great.
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