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Keystone’s vote to break away from unincorporated Summit County and become its own home-rule municipality is likely to mean $6 million in lost tax revenue next year, according to county Finance Director David Reynolds.
In an update to county leaders during a Sept. 26 Summit Board of County Commissioners meeting, Reynolds said the separation will be “very impactful to the county’s general fund.”
Reynolds estimates there will be roughly $3.2 million in lost sales tax revenue, $1.2 million lost in service fees and $1.6 million in lodging fees in the 2024 budget due to the incorporation.
Keystone residents who led the vote to incorporate have said they would push to reinstate the lodging tax for unincorporated parts of the county in order to retain as much revenue as possible.
The separation comes as county officials prepare to unveil a draft budget for next year amid uncertainty over property tax revenues and decisions on mill levies.
