Lodge Properties, Inc. v. Eagle County Board of Equalization.

2022 CO 9. No. 20SC852. Taxation—Real Property.

February 22, 2022

This case involved the valuation for real property tax purposes of a luxury resort property that includes a hotel, privately owned condominiums, and amenities. The Supreme Court granted certiorari to consider whether the net income generated from fees paid by the condominium owners to a third-party company that manages the rental of their condominiums to overnight guests should be included in the resort’s actual value under the income approach to valuation.

The Court concluded that the net income generated from rentals of the individually and separately owned condominium units was not income generated by the resort and therefore should not have been included in the resort’s actual value under the income approach to valuation. Accordingly, the Court reversed the judgment of the division below.