The Combined Property Tax Rate in the Vail School District is decreasing for the 13th consecutive year despite the fact that real and assessed home values have fallen. The rates have not been this low since the 1993-1994 school year.
In addition to savings caused by the declining tax rate, most property owners will realize an additional tax savings due to a decline in the assessed value of their property, the value to which the rate is applied. The average assessed value of a home in Vail decreased by over 10% this year.
Local realtor Rebecca Schulte stated, “In my 21 years of real estate experience, I have learned that the schools make or break an area and the value of homes! The quality of the schools in Vail has most definitely affected Vail property values in a positive way. In our current economic struggles, the quality schools are the reason Vail’s assessed property values have only dropped by an average of 10% compared to the state average drop of 19% over the last year. Further, VSD is the draw to the community for prospective home buyers and even renters.”
