Summit County Real Estate Transfer Tax

Breckenridge and Frisco

The towns of Breckenridge and Frisco require a Real Estate Transfer Tax (RETT) be paid on all real estate transactions. The RETT is a tax imposed on the sale of all property located within the towns’ limits, and requires payment at the time of closing in the amount of 1% of the property’s sale price. These monies go into a general fund for the town and pay for many of the great things you see happening locally, such as the recreation facilities, golf course, nordic centers, road improvements, sidewalk improvements, events and programming and more.

The RETT can be paid by either the buyer or the seller and is usually negotiated in the sales contract (Section 14 of the Colorado sales contract has specific language related to tranfer taxes). In most cases it is paid by the buyer. You should discuss whether it makes sense to negotiate who (buyer or seller) should pay the 1% with your Real Estate of the Summit broker.

In Breckenridge, Vail Resorts Development Company (VRDC) has created several new subdivisions that also require a 1% transfer tax in addition to the town’s transfer tax. Vail created a Mountain Masters Association to fund the infrastructure necessary for the development of Peak 7 and 8 residential units. Ask your Real Estate of the Summit broker about how this detail can work for you in your transaction should you purchase a property in a VRDC-developed subdivision.

Keystone River Run Village and Copper Mountain

Keystone’s River Run Village has many newer condominiums that are subject to a 2% transfer tax. Likewise, Copper Mountain’s newer comdominium complexes impose a 1.5% transfer tax. Like Frisco and Breckenridge, these taxes are used for community amenities, improvements and special events.