ASPEN —The four European banks that once held Base Village will not be reimbursed property taxes that they claimed they didn’t owe on the Viceroy Snowmass hotel.
Snowmass BV HoldCo appealed a decision by Pitkin County to classify the Viceroy Snowmass as residential for the 2011 tax year, assessing the property’s value at $111,543,000.
The banks argued that because they rented out 147 of the Viceroy’s units on a nightly or weekly basis, they should have been treated as hotel rooms. By that classification, Snowmass BV HoldCo believes the value of the Viceroy was $22,640,200 in 2011.
The Colorado Court of Appeals upheld the decision by the Pitkin County Assessor’s Office in an order announced in early October.
Properties are classified based on their use as of Jan. 1 of the tax year, according to the order. The Viceroy was created to be a condominium hotel, in which the units could be sold to individuals and optionally rented as hotel rooms by the owners. Eighty-two units were under presale contracts before 2008, when a majority of the buyers sued to get out of their contracts.
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