Avon increases Real Estate Transfer Tax Exemption eligibility
Vail CO, Colorado
AVON, Colorado ” Avon’s new Real Estate Transfer Tax Exemption Ordinance (07-17) was made official today. The new ordinance grants Avon homebuyers, who have already qualified for an initial exemption on their first home purchase in Avon, to claim an exemption on Avon’s Real Estate Transfer Tax on additional home purchases within Avon.
Previously, Avon residents could only qualify for a one-time Real Estate Transfer Tax Exemption for the first $160,000 of any primary residence home purchase. The new ordinance will allow Avon primary resident home buyers who have previously qualified for the exemption, but wish to sell their current residence and purchase a different home in Avon, the ability to again qualify for an exemption.
Town Council hopes that this will benefit locals who would like to move up in home size, but still find finances stretched.
“We know it’s a small step toward affordable housing,” said Town Council member Dave Dantas, “but it’s an action that we can take now to help locals out.”
The new ordinance grants the same exemption amount of $160,000, but has a few additional qualifications. In addition to the home being the buyer’s primary residence, the buyer must also qualify as an Eagle County Employee.
This means that the buyer must work an average of at least 30 hours per week on an annual basis or earn 75% of his/her income by working in Eagle County. Retired individuals, 60 years or older, must have worked a minimum of five years in Eagle County for an average of at least 30 hours per week on an annual basis.
Another difference in the new ordinance is that the exemption applies only to the portion of the transfer tax actually paid by the buyer, and will not reduce any portion of transfer tax that seller agrees to pay in the transaction.
Applications for the exemption must be filed with the Town prior to payment of the tax.
For more information on this exemption, please contact Sam Sodic at 970-748-4019.