Summit County real estate is booming. Really booming.
In the beginning of this year, it was predicted that Summit County would receive and approve the same amount of building permits as they did in 2015. This prediction has already been proven inaccurate. In fact, the county has received many more permits this year.
Last April, the town of Silverthorne approved 25 new residential development permits—a huge jump from only six permits in April 2015!
People from all over the USA are coming to Summit County in droves. Some of them plan to live here all year round. Some are second homeowners. A few are real estate investors. Whatever their reason for being in Summit County, they’re buying homes in Summit County left and right.
In order to keep up with the demand for housing and real estate in Summit County, developers are snapping up land all over the area, mostly in the northern part of Silverthorne, and putting into motion new residential development projects faster than you can say, “Welcome to Summit County.”
Many of us Summit County locals aren’t happy with the construction boom in the area. Who could blame us? Construction vehicles and large pieces of construction equipment are everywhere. The roads have gotten a bit more crowded. Public places have gotten a little noisier. Summit County is changing, and we hear you loud and clear.
However, what if we told you that the rapid growth of Summit County is actually a great thing, especially for us locals?
It really is! Just hear us out.
With more people coming here, Summit County is making a lot of money in sales tax and excise taxes. To avoid getting bogged down in the details and numbers, let’s take a look at Silverthorne in particular:
- According to Summit County’s 2016 budget report, the county’s sales tax revenue was predicted to increase by 2% this year. However, by April, Silverthorne had already exceeded that goal. Its year-to-date sales taxes had risen by 2%. From January 2016 through April 2016, the town of Silverthorne alone brought in $3.16 million.
- Silverthorne is making a killing on its excise-tax collections. It went up 440.7% compared to April 2015 and 259% year-to-date compared to the previous year.
So what does this mean for us?
Better roads, nicer public facilities, cleaner parks, improved bike trails, and increased maintenance for other departmental services provided by the county.
Two percent of all sales taxes across Summit County go toward these programs and services. In addition to that, up to 2.5% of the sales taxes go to their respective towns. The percentage depends on the town. For example, Silverthorne takes 2%.
Just when we’re starting to think that Summit County couldn’t get any nicer, an opportunity arises for it to do so. Do you have any ideas on how Summit County should spend its newfound money? Let us know!