Summit County Transfer Tax
What is Transfer Tax?
In Summit County, it is common practice to impose a real estate transfer tax when a property transfers from one owner to another. This applies to whenever an ownership change is recorded including moving a property from an individual’s name into a business name, or when a parent transfers title into a trust or into a child’s name. You can apply for an exemption before your deed is recorded, such as when you perform a quitclaim deed to transfer title into a business name.
Transfer taxes are used to pay for items that benefit the town and community they are a part of. For example, advertising events for the Town of Breckenridge (like Ullr Fest or the International Ice Sculptures that occur in January of each year), repairing roads, paying for the Breckenridge Recreation Center, Breckenridge Nordic Centers, the free bus systems, and more.
Transfer Tax Amounts
- Breckenridge: 1% (See BMMA webpage for information on an additional 1% private transfer tax that apply to certain resorts.)
- Blue River: 0%
- Copper Mountain: 1.5% on certain new developments
- Dillon: 0%
- Frisco: 0%
- Keystone: generally 0% – Certain subdivisions such as Settler’s Creek and River Run Village have resort transfer fee of 2%.
- Silverthorne / Wildernest: generally 0% – Certain newer properties have a transfer tax
Who Pays the Transfer Tax?
Transfer taxes are only paid once and happen at the time of closing. It is negotiable who pays (Seller or Buyer) for the transfer tax. On the Colorado Residential Contract to Buy and Sell, there are three options: Seller pays, Buyer pays, or the two parties split the cost. This can be overridden in the Additional Provisions of a contract to have a different percentage, such at 70% paid by Buyer and 30% by Seller. This is rarely done.
Property Types Exempt for Transfer Taxes
Transfer tax is not imposed on the sale of land or commercial spaces. There are also affordable housing and deed restricted neighborhoods that do not impose a transfer tax.
Resources
- Breckenridge Transfer Tax (Real Estate Transfer Tax – RETT)
- Frisco Transfer Tax (Real Estate Investment Fees -REIF)
Transfer Tax Adjustments
Note that each town within Summit County can change the transfer tax amounts and areas they apply to at any time. Please feel free to email us to find out more information or with any questions you may have.