Avon tries to keep local residents by granting additional tax exemption

The town of Avon officially approved its new Real Estate Transfer Tax Exemption Ordinance (07-17).  The new tax exemption is an exciting move towards affordable housing for some local Avon residents.

Used to be, only first time homebuyers in Avon qualified for a real estate tax exemption on the first $160,000 of a primary home purchase.  The new ordinance allows Avon homebuyers, who qualified for the original exemption on their first home purchase, to sell and buy within the town and claim the exemption on additional purchases.

In order to qualify, the home must be the buyer’s primary residence and the buyer must live and work in Eagle County.  The work restriction requires buyers to work 30 hours per week or earn 75% of their income by working in Eagle County.  If retired and 60 years or older, a buyer must have worked a minimum of 5 years in Eagle County for an average of at least 30 hours per week.

Another important difference in the new is that that the exemption applies to the portion of the transfer tax paid by the buyer, not the seller.  The seller’s portion of transfer tax will be paid in full.

Applications for the transfer tax can be found on the Town of Avon’s website: www.avon.org. 

For more information on Avon’s tax exemptions or other Vail Valley real estate contact Karen Gilbert at 970-926-6777 or karen@gatewayland.com 

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