Hello and Happy New Year!
Silverthorne Owners:
The county is going to be officially taking a wait list for new Short Term Rental Licenses in the Upper Blue and Lower Blue Basins (think Wildernest and Blue River). At this time it looks like they will be starting the wait list around the end of January or early February. Check their website frequently for updates – https://www.summitcountyco.gov/services/community_development/short_term_rentals/index.php
What this means for you…
– If you have been wanting to get a short term rental license, stay on top of this and get your name on the waitlist as soon as possible. At this point we don’t know how fast they will move through the waitlist but it is still a great sign!
– If you have been considering selling, this likely means that values will improve a bit as buyers who want to rent won’t necessarily write off these locations. Now we don’t know exactly how much as this point but down values in some of these areas were partly driven by the lack of Short Term Rental Licenses.
Keystone Owners:
AirBnB and VRBO have agreements with the various municipalities to collect and remit taxes. Now that Keystone has become its own town, it’s important that:
- You have your STR properly registered with the Town of Keystone (rather than Summit County)
- That you have AirBnB and VRBO properly update your taxing entity as now the Town of Keystone has a 2% lodging tax that must be collected and remitted to them as of January 1, 2025.
You will need to have the following information:
- The rental property address
- GPS coordinates
- A copy of your license
If there is anything we can help you with as you are going through this process, please let us know!
