Real Estate Transfer Tax

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The Town of Breckenridge Real Estate Transfer Tax (RETT) is a tax imposed on all transfers of property located within the Town of Breckenridge, unless specifically exempted by the Breckenridge Town Code.  All transactions for real property within the Town of Breckenridge in which no transfer tax is due, must have a related exemption application approved by the Tax Auditor.  This includes any transaction recorded with Summit County such as a name change, transfer to trust or LLC, addition of spouse, etc.

The amount of tax that must be remitted to the Town of Breckenridge is 1% of the Gross Consideration.  The burden of the tax is the responsibility of the property buyer or grantee. 

What are the steps to address the Real Estate Transfer Tax?

If you are using a local title company they may complete the paperwork and remittance for you.

  1. Obtain and fill out either a Verification of Gross Consideration Form, or an Exemption from Real Estate Transfer Tax Application if you believe that the property transfer is exempted by the Breckenridge Town Code
  2. Submit the following to the Town of Breckenridge:
    1. The completed Verification of Gross Consideration Form or the Exemption from Real Estate Transfer Tax Application.  (The property's schedule number is required on both forms and is assigned by the Summit County Assessor's office.  You can determine your property's schedule number from their website or by calling the Assessor's office at 970-453-3480.)
    2. The original of the Deed that will be filed at the Summit County Clerk and Recorder.
    3. Supporting documentation, if required.
    4. A check made out to the Town of Breckenridge in the amount of the 1% of the Gross Consideration.  In the event of an approved exemption application, no money is due.

When is Real Estate Transfer Tax processed?

Real Estate Transfer Tax is processed by the Finance Division daily between 9AM and 10AM Monday - Friday (except holidays).  If RETT is submitted during other hours, it will be available for pickup from the 2nd floor of the Finance office at 10AM the next day (or batches of 10 or more will be available two days later, at 10AM). 

Can I do this by mail?

If you wish to mail the paperwork, include a pre-paid, self-addressed envelope for the return of the deed and mail to Town of Breckenridge Attn: RETT Processing, 150 Ski Hill Road, PO Box 8629, Breckenridge, CO  80424.  Once we receive the check and deed we will stamp off on the deed and it can then be taken to the Summit County Clerk and Recorders Office to be recorded. If you wish, you may include a prepaid, self-addressed envelope, along with a check for the Summit County Clerk and Recorder and we will mail the deed and check directly to them.  Please contact the County about recording fees at 970-453-3475.

When do I need to address the tax?

This tax must be received by the Town of Breckenridge before the property deed is recorded with the Summit County Clerk and Recorders Office. Real Estate Transfer Tax is due and payable at the time of the transfer, and is delinquent if it remains unpaid for thirty (30) days thereafter.

What if I don't pay the tax on time?

In the event that the tax is not paid prior to becoming delinquent, a delinquency penalty of ten percent (10%) and interest of one and a half percent (1.5%) per month of the amount of tax due shall accrue. The tax and any penalty and interest due thereon, if not paid when due, and all costs of collection of said tax, penalty and interest, shall constitute a perpetual lien on the real property transferred in the amount applicable to each lot or parcel of real property transferred and shall have priority over all other liens except general tax liens and special improvement district assessment liens. If the tax, penalty and interest are not paid within thirty (30) days of the effective date of the notification, the Town Manager shall commence foreclosure of the lien for said tax in the same manner as the foreclosure of a mortgage in accordance with Colorado law. Refer to Chapter 3 of Title 3 of the Breckenridge Town Code for full description of applicable penalties.

What happens if I don't apply for an exemption before I record my deed?

The Financial Services Manager, or designee, may, upon the receipt of a properly completed exemption application, grant an exemption from the RETT after the deed has been recorded with the Summit County Clerk and Recorder if: (i) the exemption application is filed with Town not later than one (1) year after the deed was recorded; (ii) the deed would have been exempt from the RETT had the exemption application been timely filed; and (iii) the person making the late exemption request pays a late filing fee as follows:

Number of Late-Filed RETT Exemption Applications Submitted By Same Applicant, Business, or Title Company Within Consecutive Twelve Month Period*

 

Amount of Late Filing Fee

First

$100.00

Second           

$200.00

Third

$300.00

Fourth (and each subsequent)

$600.00

*calculated from date of filing of exemption application

Who can I contact with questions?

Please contact the Accounting Coordinator with any questions at 970-453-3182 or WebsiteFinance@townofbreckenridge.com

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