Selling Tips > Transfer Tax
Tax Information: Transfer Tax
Town of Breckenridge Transfer Tax
The Town of Breckenridge instituted legislation that requires payment at the time of closing in the amount of one percent of the sale amount for property within town limits. These monies go into the General Fund for the Town of Breckenridge and pay for many of the great things you see happening locally, such as the Breckenridge Recreation Center, the Breckenridge Golf Club, the Steven C. West Ice Arena, road improvements, sidewalk improvements, events and more.
The transfer tax ordinance stipulates the one percent can be paid by either the buyer or the seller, but must be paid at the time of closing. It is usually paid by the buyer. You should discuss whether it makes sense to negotiate who (buyer or seller) should pay the one percent with a professional broker that is familiar with Breckenridge. Any Realtor at Breckenridge Associates Real Estate will be happy to help.
There are now a few new subdivisions, developed by Vail Resorts Development Company (VRDC) that also require a one percent transfer tax. Vail created a Metro District to fund the infrastructure necessary for the development of residential condos and townhomes at Peak 7 and 8 residential. The transfer tax(es) can be, for tax purposes, treated in different ways by different parties and their accountants.
Ask any Breckenridge Associates Real Estate broker about how this detail can work for you in your transaction should you purchase a property in a VRDC-developed subdivision.