TC Ord. No. 2002-14 Amending chapter 12 of title 3 of the muni code of the TOA relating to the primary residence exemption from the estate transfer taxORDINANCE NO. 02-14
AN ORDINANCE AMENDING CHAPTER 12 OF TITLE 3 OF
THE MUNICIPAL CODE OF THE TOWN OF AVON
RELATING TO THE PRIMARY RESIDENCE EXEMPTION
FROM THE REAL ESTATE TRANSFER TAX.
BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON,
COLORADO:
Section 1. Amendment. Subsection O. of Section 3.12.060 of Chapter 12, Title
3 of the Municipal Code of the Town of Avon is amended to provide as follows:
"O. The first one hundred sixty thousand dollars of the consideration for any sale or
conveyance of real property and completed improvements for occupancy as a primary
residence provided the following conditions are met:
1. The same applicant has not previously received an exemption pursuant to this
subsection;
2. An application for exemption is filed with the town manager or his or. her
designee prior to payment of the tax, which application is accompanied by: (a) an affidavit
that the real property is being purchased for use as a primary residence and not for
investment or resale; and (b) a promissory note in the amount of the tax otherwise owing,
together with interest accruing at the rate hereinafter provided, providing that the tax and
the promissory note including accrued interest shall be due and payable in full in the event
the applicant shall cease to use the property as his or her primary residence within one year
after closing and granting to the town a lien securing such indebtedness, which lien shall
be subordinate to any first mortgage or deed of trust of record;" .
INTRODUCED, APPROVED, PASSED ON FIRST READING AND
ORDERED POSTED the 9th day of July, 2002, and a public hearing on this ordinance shall be
held at the regular meeting of the Town Council on the 23rd day of July, 2002, at 5:30 P.M. in
the Co s, Avon Municipal Building, 400 Benchmark Road, Avon, Colorado.
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INTRODUCED, FINALLY APPROVED, PASSED ON SECOND READING
AND ORDERED POSTED the 23rd day of July, 2002.
APPROVED AS TO FORM:
Town ttomey
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OF AS,,
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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 23RD DAY OF JULY 2002,
AT THE TOWN OF AVON MUNICIPAL BUILDING FOR THE PURPOSE OF
CONSIDERING THE ADOPTION OF ORDINANCE NO. 02-14, SERIES OF 2002:
Ordinance 02-14, Series of 2002 - An Ordinance Amending Chapter 12 of Title 13 of
Title 3 of the Municipal Code of the Town of Avon Relating to the Primary Residence
Exemption From the Real Estate 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 19th day of July, 2002.
eaE, OF Ldi0`
POSTED AT THE FOLLO
JULY 19, 2002:
TOWN OF AVON, COLORADO
BY: 2-k
~ I.
Patty
c envy
Town
erk
C PLACES WITHIN THE TOWN OF AVON ON
AVON MUNICIPAL BUILDING, MAIN LOBBY
ALPINE BANK, MAIN LOBBY
AVON RECREATION CENTER, MAIN LOBBY
CITY MARKET, MAIN LOBBY
Memo
To: Honorable Mayor and Town CAuncil
Thru: Bill Efting, Town Manager
From: Scott Wright, Finance Directorg-' -
Date: July 3, 2002
Re: Real Estate Transfer Tax Ordinance No. 02-14
Summans
The above ordinance adds and clarifies language within the primary residence exemption from real
estate transfer tax as noted below:
■ Allows the application to be filed with a designee of the Town Manager (as is already
the practice);
■ Clarifies existing language regarding circumstances where the property discontinues
to be used as a primary residence prior to one year;
■ Allows the Town to charge interest on the amount due when a primary residence is
sold or the character of the property changed prior to one year,
■ Allows the Town to record with the County Clerk and Recorders Office the promissory
note that a purchaser executes with the Town at the time of application for the
exemption, and to charge a nominal recording fee therewith.
Town Manager Comments:
Page 1
ORDINANCE NO. 02-14
AN ORDINANCE AMENDING CHAPTER 12 OF TITLE 3 OF
THE MUNICIPAL CODE OF THE TOWN OF AVON
RELATING TO THE PRIMARY RESIDENCE EXEMPTION
FROM THE REAL ESTATE TRANSFER TAX.
BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON,
COLORADO:
Section 1. Amendment. Subsection O. of Section 3.12.060 of Chapter 12, Title
3 of the Municipal Code of the Town of Avon is amended to provide as follows:
"O. The first one hundred sixty thousand dollars of the consideration for any sale or
conveyance of real property and completed improvements for occupancy as a primary
residence provided the following conditions are met:
1. The same applicant has not previously received an exemption pursuant to this
subsection;
2. An application for exemption is filed with the town manager or his or, her
designee prior to payment of the tax, which application is accompanied by: (a) an affidavit
that the real property is being purchased for use as a primary residence and not for
investment or resale; and (b) a promissory note in the amount of the tax otherwise owing,
together with interest accruing at the rate hereinafter provided, providing that the tax and
the promissory note including accrued interest shall be due and payable in full. in the event
the applicant shall cease to use the property as his or her primary residence within one year
after closing and granting to the town a lien securing such indebtedness, which lien shall
be subordinate to any first mortgage or deed of trust of record;"
INTRODUCED, APPROVED, PASSED ON FIRST READING AND
ORDERED POSTED the 9th day of July, 2002, and a public hearing on this ordinance shall be
held at the regular meeting of the Town Council on the 23rd day of July, 2002, at 5:30 P.M. in
the Co S, Avon Municipal Building, 400 Benchmark Road, Avon, Colorado.
;Oil
S F A L l ~ Mayor
ATT Oijj. R~
R
INTRODUCED, FINALLY APPROVED, PASSED ON SECOND READING
AND ORDERED POSTED the 23rd day of July, 2002.
Mayor
ATTEST:
Town Clerk
APPROVED AS TO FORM:
Town Attorney