Jan 16, 2018 - State of Colorado. State Sales Tax ... A Colorado local governmental district. ⢠2% Lodging .... Colora
Attachment #1
Fiscal Sustainability – Sales & Property Tax January 16, 2018
Kim Weber, Finance Director
1.3
Tax 101 • Sales Tax • Lodging/Accommodations Tax • Use Tax • Excise Tax • Property Tax
1.4
Sales Tax Sales Tax defined. The Steamboat Springs Sales Tax is levied on all Sales, leases and rentals at Retail on the basis of, the Purchase or Sales Price on Purchases of Tangible Personal Property and specific services Taxable hereunder. All Sales and Purchases of Tangible Personal Property are subject to the Tax, except as specifically exempted. Sales and Purchases of services as specifically set forth in section 22-182 are subject to the Tax. The Tax is in reality imposed on the Purchaser. The duty is imposed on the seller to collect and remit the Tax to the City under the penalties for failure to do so as prescribed herein. (Chapter 22 – Taxation, Steamboat Springs Revised Municipal Code)
Taxing Entity
Common Name
Rate
Sunset/Expire
City of Steamboat Springs
City Sales Tax
4%
None
City of Steamboat Springs
School Tax
.5%
12/31/2019
State of Colorado
State Sales Tax
2.9%
None
Routt County
County Sales Tax
1%
None
State of Colorado
Marijuana Tax
15%
None
1.5
Lodging/Accommodations Tax Accommodations means the transaction of furnishing rooms or Accommodations by any Person, partnership, association, corporation, estate, receiver, trustee assignee, lessee, or Person acting in a representative capacity or any other combination of individuals by whatever name known to a Person who for a consideration Uses, possesses, or has the right to Use or possess any room in a hotel, motel, home, condominium, campsite, inn bed and breakfast, residence or similar establishment, under any concession, permit, right of access, license to Use, or other agreement, or otherwise. (Chapter 22 – Taxation, Steamboat Springs Revised Municipal Code)
Taxing Entity
Common Name
Rate
Sunset/Expire
City of Steamboat Springs
Accommodations Tax (2A Funds)
1%
None - (2A 12/31/2023)
SS Local Marketing District
LMD Tax
2%
12/31/2019
1.6
Local Marketing District •
Steamboat Springs Local Marketing District
•
A Colorado local governmental district
•
2% Lodging (accommodations) tax within boundaries
•
LMD Boundaries in red
•
Agreement between LMD and Ski Corp dictates how funds are spent (approved by City Council)
•
Agreement expires June 2020
•
Previous LMD Air Service Tax was a CITY SALES TAX that the City committed to air service (expired)
1.7
Use Tax Use Tax defined. Means the Tax paid or required to be paid by a Consumer for Using, Storing, Distributing or otherwise Consuming Tangible Personal Property or Taxable Services inside the City. The Steamboat Springs Use Tax is levied upon the privilege of Using, Storing, Distributing or otherwise Consuming Taxable Tangible Personal Property and Taxable Services (as described in section 22-197) in the City of Steamboat Springs which property or services is Purchased, leased or rented at Retail and not subjected to the Steamboat Springs Sales Tax, without regard to whether the property or service is Purchased either from sources within or without the City. Nonresident Persons Engaged in Business in Steamboat Springs as defined, are required to collect and remit the Use Tax on Taxable transactions. (Chapter 22 – Taxation, Steamboat Springs Revised Municipal Code)
Taxing Entity
Common Name
Rate
Sunset/Expire
City of Steamboat Springs
City Building Use Tax
4%
None
City of Steamboat Springs
School Building Use Tax
.5%
12/31/2019
City of Steamboat Springs
City Vehicle Use Tax
4%
None
City of Steamboat Springs
School Vehicle Use Tax
.5%
12/31/2019
State of Colorado
State Building Use Tax
2.9%
None
State of Colorado
General Use Tax
2.9%
None
Routt County
County Building Use Tax
1%
None
1.8
Excise Tax Excise taxes are taxes paid when purchases are made on a specific good, or a specific activity occurs. Taxing Entity
Common Name
Rate
Sunset/Expire
City of Steamboat Springs City Building Excise Tax
1.2% of “New Construction”
None
State of Colorado
Marijuana Excise Tax
15% of calculated rate
None
State of Colorado
Cigarette Excise Tax
4.2 cents per cigarette
None
Federal & State
Multiple fuel taxes, alcohol, fees, etc.
varies
1.9
Differences between State & City Tax Code • “Food for home consumption” is exempted from State sale tax (taxable according to City Code) • Most utilities are exempt from State sales tax (taxable according to City Code) • State has a General Use Tax and City does not • State has an additional tax on Marijuana, City does not
1.10
Sales Tax Collected - $300 Retail Merchandise Sale in Steamboat Springs (8.4%) $30.00
Sales Tax Collected
$25.00
$1.50
$20.00 $12.00
City/Education Fund Board .5% City/General Fund 4%
$15.00
Routt County 1% State of Colorado 2.9%
$10.00
$5.00
$3.00
$8.70
$0.00
1.11
Sales Tax Collected - $300 Room Night in LMD (11.4%) $40.00
$35.00
Sales Tax Collected
$30.00
$6.00 $3.00
$25.00
LMD/Air Service 2% City Accom/2A Trails etc. 1% City/Education Fund Board .5%
$20.00
$12.00
City/General Fund 4% Routt County 1%
$15.00
State of Colorado 2.9% $10.00
$3.00
$5.00
$8.70
$0.00
1.12
City Sales Tax by Source Sporting Goods 6% Marijuana 2%
Lodging & Amenities 18%
Utilities 8% Misc. Retail 37%
Restaurants 17%
Estimated Groceries 8%
Liquor Stores 4%
1.13
Property Tax • Levy on property that the owner is required to pay. Can be on personal property or real property • The 2016 Abstract of Assessment and Summary of Tax Levies published by the Routt County Assessor’s Office was used for all property tax information in this presentation
1.14
Gallagher Amendment • Intent was to keep a state-wide property tax payment ratio of residential to non-residential at 45/55: • 45% - Residential • 55% - Non-Residential (Commercial, Industrial, Oil & Gas)
• To achieve this, there are state-wide assessment rates of: • 7.2% - Residential • 29% - Non-Residential For Example: You have a business and a house both worth $500,000 (actual value) in the same taxing jurisdiction where the mill levy is 45 mills – Here is how the property tax will be calculated: House - $500,000 x 7.2% = $36,000 (assessed value) x .045 = $1,620 in property tax Business - $500,000 x 29% = $145,000 (assessed value) x .045 = $6,525 in property tax
1.15
2016 Assessed Valuation by Type Personal Property, $25,123,080 , 2% Vacant, $98,610,580 , 9% State Assessed, $115,370,600 , 11%
Industrial, $5,438,360 , 1%
Agricultural, $51,961,180 , 5% Commercial, $202,283,790 , 19% Mobile Homes, $1,362,910 , 0%
Natural Resources, $35,764,890 , 3% Residential, $541,582,020 , 50%
1.16
2016 Property Tax Revenue
College, $3,327,861 , 6%
Towns, $621,831 , 1%
Routt County Government, $18,207,706 , 32%
Schools, $22,095,484 , 39%
Libraries, $3,414,091 , 6% Special Districts, $8,700,883 , 16%
1.17
2016 Property Tax – Routt County Broken Out Colorado Mountan College, $3,327,861
Towns, $621,831 Road & Bridge, $813,631
Public Welfare, $547,257
Schools, $22,095,484 Routt County, $18,207,706
Communications, $1,378,508 Purch Dev Rights/Open Space, $1,554,708
Routt County General Fund, $12,566,188
Museums, $310,942 Horizons, $1,036,472
Special Districts, $8,700,883
Libraries, $3,414,091
1.18
Alpine Mtn Ranch Metro Dist Yampa Fire
2016 Property Tax – Special Districts
Catamount Metropolitan Colorado River Water Consrv
West Routt Fire
Craig Rural Fire Hayden Cemetery Morrison Creek W&S
Property Tax for Special Districts = $6.8M Boundaries & Assessed Valuation varies
North Routt Fire
Upper Yampa Water Conserv
Oak Creek Cemetery Oak Creek Fire Solandt Memorial Hospital South Routt Cemetery South Routt Medial Center Steamboat Cemetery
Tree Haus Metro Dist. Timbers W&SPreserv Subdv Timbers W&S-Full Service Steamboat II Metro Dist.
Steamboat Lake W&S Steamboat Springs Area Fire
1.19
How SSRA Revenue is Derived (2016) Taxing Entity
Assessed Valuation
TIF Assessed Value
Net Levy
Gross
Gross less Net (SSRA Revenue)
Net
General Fund
$1,077,497,410
($41,025,268)
0.01212
$13,063,579
$12,566,188
$497,390
Road & Bridge
$1,077,497,410
($41,025,268)
0.00079
$845,835
$813,631
$32,205
Public Welfare
$1,077,497,410
($41,025,268)
0.00053
$568,919
$547,257
$21,661
Communications
$1,077,497,410
($41,025,268)
0.00133
$1,433,072
$1,378,508
$54,564
Purch Dev Rights/Open Space
$1,077,497,410
($41,025,268)
0.0015
$1,616,246
$1,554,708
$61,538
Museums
$1,077,497,410
($41,025,268)
0.0003
$323,249
$310,942
$12,308
Horizons
$1,077,497,410
($41,025,268)
0.001
$1,077,497
$1,036,472
$41,025
0.01757
$18,928,397
$18,207,706
$720,691
TOTAL ROUTT COUNTY East Routt Library Dist.
$865,137,200
($41,025,268)
0.00372
$3,214,850
$3,062,400
$152,450
$1,077,497,410
($41,025,268)
0.00025
$272,607
$262,227
$10,379
$865,137,200
($41,025,268)
9.5E-05
$82,188
$78,291
$3,897
$1,070,096,980
($41,025,268)
0.00182
$1,947,577
$1,872,911
$74,666
RE-2 (Steamboat)
$865,137,200
($41,025,268)
0.01803
$15,598,424
$14,858,738
$739,686
Colorado Mountain College
$873,614,890
($41,025,268)
0.004
$3,491,839
$3,327,861
$163,978
City of Steamboat Springs
$645,973,640
($41,025,268)
0
$0
$0
$0
0.04548
$43,535,881
$41,670,134
$1,865,747
Colorado River Water Consrv Steamboat Cemetery Upper Yampa Water Conserv
GRAND TOTAL
1.20
2016 Routt County Assessed Valuation by Town/City
Unincorporated , $401,982,630 , 37%
Steamboat Springs, $645,973,640 , 60% Yampa, $3,457,740 , 0% Oak Creek, $6,828,690 , 1% Hayden, $19,254,710 , 2%
1.21
2016 Property Tax – Towns/Cities Broken Out Schools, $22,095,484 Oak Creek, $76,249 Colorado Mountan College, $3,327,861 Yampa, $62,924
Towns , $621,831
Special Districts, $8,700,883 Hayden, $482,658
Libraries, $3,414,091 Routt County Government, $18,207,706
Steamboat Springs, $0
1.22
