Wondering about Summit County taxes? Well here is some information that will hopefully clarify what you’re getting into when buying or selling property in Summit County!
Transfer Taxes and Private Resort Transfer Fees
The Town of Frisco, and the Town of Breckenridge each have transfer taxes that apply to all real property sales in their jurisdictions. Each are 2% of the Sales Price.
There are also other communities that have a private transfer fee related to the sales of the properties. One of these is Keystone Neighbourhood Company, which is also 2% of the Sales Price.
Owed But Not Due
“Owed But Not Due” are fees to the towns that were established many years ago. In an effort to spur development, towns such as Blue River just South of Breckenridge, allowed builders to build homes. However, they told them they didn’t need to pay tap fees. They could be “Owed But Not Due”. The Towns are now calling some of these due, as they see that real estate prices have increased in value since the inceptions of the towns. It is up to the Buyer, an experienced real estate agent, and the Title Company, to determine whether a property is part of this loophole.
As with all contracts, everything is negotiable. These Transfer Taxes & Fees can be negotiated at the time of the contract to determine whether the Buyer or Seller pay, or if it is split between the two. As you can see, Summit County taxes aren’t super complex. They do require you to work with your agent to understand your particular area and what loopholes may exist that everyone agrees upon.
Here is some more information on Summit County Taxes (scroll down to the bottom):
And some additional tips to know about buying and selling real estate in Colorado and why we love it!