TC Ord. No. 2000-09 Amending Real Property Transfer TaxTOWN OF AVON
ORDINANCE NO. 09
SERIES OF 2000
AN ORDINANCE AMENDING THE REAL PROPERTY TRANSFER TAX
WHEREAS, the Town Council wishes to amend the Real Property Transfer Tax, and
WHEREAS, this amendment is revenue neutral.
NOW THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
AVON, COLORADO, that:
1. Subsection 3.12.070E repealed and reenacted.
Subsection 3.12.070E of the Avon Municipal Code is hereby repealed and reenacted as follows:
"Transfers made pursuant to reorganization, merger or consolidation of corporations,
or by a subsidiary to a parent corporation for no consideration other than cancellation
or surrender of the subsidiary's stock, or transfers made to a corporation, partnership,
limited partnership, joint venture, business trust or other association or organization,
if that association or organization is owned by the persons by whom such transfer
was made, if such owners have the same relative interests in such association or
organization as they had in the real property immediately prior to such transfer and
there is no consideration other than their respective interests in the new association."
2. Subsection P added to section 3.12.070.
A new subsection P is hereby added to section 3.12.070 of the Avon Municipal Code, to read as
follows:
"The subsequent transfer of a residence involved in a "tax free" or "tax deferred"
trade under the Internal Revenue Code wherein the interim owner acquires property
for the sole purpose of reselling that property as part of a qualified exchange and the
property is resold within 24 months after the first transfer. In these cases, the first
transfer of title is subject to the Real Property Transfer Tax and the subsequent
transfer will only be exempt as long as a transfer tax has been paid in connection with
the first transfer or such residence in such exchange. In the event the consideration
for the subsequent transfer is greater than the consideration for the first transfer,
transfer tax shall be due on such increased amount of consideration."
CO_DOCS_A 56190 v 4
INTRODUCED, PASSED ON FIRST READING, APPROVED AND ORDERED POSTED,
this 25 day of July , 2000, and a public hearing on this Ordinance shall be held at the
regular meeting of the Town Council of the Town of Avon, Colorado on the 8 day of
August , 2000, at 5:30 p.m., in the Municipal Building of the Town of Avon, Colorado.
f f � •�r�
INTRODUCED, PASSED ON SECOND READING, APPROVED AND ORDERED POSTED,
this 8 day of August , 2000.
04 MR11 W-1 d
APP OVED AS TO FORM:
Burt Levin, Town Attorney
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CO_DOCS_A 56190 v 4
STATE OF COLORADO )
COUNTY OF EAGLE ) SS
TOWN OF AVON )
NOTICE IS HEREBY GIVEN OF A PUBLIC HEARING BEFORE THE TOWN COUNCIL
OF THE TOWN OF AVON, COLORADO AT 5:30 P.M. ON THE 8th DAY OF AUGUST,
2000, AT THE TOWN OF AVON MUNICIPAL BUILDING FOR THE PURPOSE OF
CONSIDERING THE ADOPTION OF ORDINANCE NO. 00 -09, SERIES OF 2000:
An Ordinance Amending the Real Property Transfer Tax
A copy of said Ordinance is attached hereto, and is also on file at the office of the Town Clerk,
and may be inspected during regular business hours.
Following this hearing, the Council may consider final passage of this Ordinance.
This notice is given and posted by order of the Town Council of the Town of Avon, Colorado
Dated this 26th day of July, 2000.
TO" ff AVON, COLORADO
Ftw
Kos Nash
Town Clerk
POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON
JULY 26, 2000:
AVON MUNICIPAL BUILDING IN THE MAIN LOBBY
AVON BEAVER CREEK TRANSIT BUS STOP AT AVON CENTER
AVON RECREATION CENTER
CITY MARKET IN THE MAIN LOBBY
MEMORANDUM
FROM: Burt Levin
TO: Hon. Mayor and Town Council
CC: Bill Efting, Larry Brooks
RE: Amendments to Transfer Tax Ordinance
DATE: July 12, 2000
Based on the direction from Council during the July 11th work session, the attached
amendment to the transfer tax ordinance is being introduced for passage on first reader.