It’s a fact: Marriott’s Park City properties are more valuable than yours | ParkRecord.com

It’s a fact: Marriott’s Park City properties are more valuable than yours

by Jay Hamburger THE PARK RECORD

Marriott Ownership Resorts was the top private sector property owner inside the Park City limits in 2011, as measured by taxable assessed value, according to a City Hall report listing the principal property-tax payers in Park City.

According to the report, Marriott Ownership Resorts holds property with a taxable assessed value of approximately $114.5 million, more than double the No. 2 figure. Marriott Ownership Resorts accounted for 1.89 percent of the overall taxable assessed value in the city limits, the report said.

Marriott under its corporate umbrella has long had major holdings in Park City, and the firm is widely seen as perhaps the most important lodging company operating in the city.

Marriott Ownership Resorts ranked No. 1 in 2002 as well, the report said. The percentage of the overall taxable assessed value in 2002 was 3.9 percent, though, two percentage points higher than the 2011 figure.

City Hall released the numbers as part of the municipal government’s Comprehensive Annual Financial Report, a wide-ranging compilation of data focused on fiscal matters. The numbers were compiled from the Summit County Treasurer’s Office and City Hall’s Finance Department.

The firms ranked second through eleventh in 2011 in taxable assessed value were:

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  • Deer Valley Resort, at $46.5 million
  • Flagstaff Residences, LLC, at $29.4 million
  • Chateaux at Silver Lake, at $22.3 million
  • Silver Lake Associates, at $19.5 million
  • DMC Services LLC, at $16.6 million
  • Powdr Development Company, at $15.1 million
  • Wintzer Wolfe Properties, at $14.3 million
  • Sunstone Sidewinder LLC, at $13.3 million
  • Pacificorp, at $10.8 million
  • IHC Health Services, Inc., at $10.7 million

    Meanwhile, a separate set of data released as part of the Comprehensive Annual Financial Report shows that the total assessed value of all the properties in Park City that are on the property-tax rolls fell sharply in 2011.

    The number sat at a little more than $6.1 billion last year, a 13.1 percent drop from the 2010 number of $7,057,424,000 The figure hit a record in 2009, at $7,064,423,000. The total assessed value climbed steadily between 2002 and 2009.

    Residential properties account for the overwhelming majority of the taxable assessed value, the report said. The residential properties fell sharply from a 2009 high after climbing steadily between 2002 and 2009.