Adjusting to lower funding levels due to the loss of some property tax income has not been too difficult for some publicly funded districts.
Property taxes received by governmental entities are expected to be lower in the coming years because two non-taxing entities purchased three primary lodging properties in 2024 and 2025, which removed them from the property tax rolls. Financial officers for the area’s special districts are currently presenting 2026 budgets for public review.
The Estes Park Housing Authority purchased Fall River Village and Beaver Brook in 2024, and the Cultural Educational and Cultural Facilities Authority, a public body that is a Colorado political subdivision, purchased The Stanley Hotel in 2025.
As with any mid-year property sale, property taxes are prorated so the appropriate person or entity is only responsible for their length of ownership. In this case, property taxes after the public bodies’ purchase dates won’t be fully realized until the end of 2026.
The Stanley Hotel is now owned by the Stanley Partnership for Art Culture and Education, a private-public partnership. While property tax assessments will no longer apply to the iconic property, sales taxes on purchases made at the facility, including rooms, dining experiences, and other activities, will still be collected.
The EPHA, a quasi-governmental entity exempt from paying property taxes, is leasing vacation rental units at Fall River Village and Beaver Brook to residents who qualify for workforce housing at below-market prices within the Estes Park School District boundaries.
Anticipating a reduction of approximately $442,000 from property taxes has not created issues for the Park School District.
“We plan our budget based on the Colorado Department of Education’s estimates for our assessed property valuation, said Ruby Bode, superintendent of schools. “This year, we took a conservative approach and planned as if values would remain flat,” said school superintendent Ruby Bode.
“The State also adjusted the percentages used to calculate property values, lowering the rate for commercial properties. To help schools, the state slightly increased the percentage applied to residential property, while reducing it for other local taxing districts,” Bode explained.
With a $380,000 reduction in property tax receipts, Larimer County does not anticipate issues due to the ownership changes.
That amount “equals roughly 0.2% of the County’s $197 million property tax budget and about 0.06% of all external revenues. The totals remain a very small share of our overall budget and not a driver of service changes,” said Michelle Bird, public affairs director for Larimer County.
Several factors based on the 2024 tax bills play a part in the anticipated Estes Valley Recreation and Park District’s property tax reductions. One of those elements is bond debt service.
“When properties become exempt, the remaining taxable properties receive a higher levy to ensure adequate funds for debt service. So, in effect, the $31,000 of bond levy previously billed to Fall River Village and The Stanley will now get spread to the remaining taxable properties in the District,” explained Mary Davis, finance director for EVRPD.
According to Mike Zumbaugh, Visit Estes Park’s interim director, not having Fall River Village and Beaver Brook collect lodging taxes is also not worrisome. “I do not believe there would be any loss of revenues to VEP. Guests coming into town may not be able to stay at Fall River Village or Beaver Brook, so they would just find lodging elsewhere instead. And during peak season, when occupancy is high, the reduction of lodging availability may just drive rates up due to supply and demand,” Zumbaugh said.