20SC852 – Lodge Properties v. Eagle County

Summary

The court held that net rental-management income earned from renting separately owned condominium units was not income generated by the Lodge and therefore could not be included in the Lodge’s actual value under the income approach to property-tax valuation. Because the income was generated by legally distinct condominium parcels and by management contracts for services rather than use of the Lodge’s real property, the court did not reach whether the contractual right to that income was intangible personal property. The court reversed the court of appeals’ judgment and remanded for further proceedings.