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What is the Real Estate Transfer Tax?

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Question
What is the Real Estate Transfer Tax?

Answer
The Real Estate Transfer Tax (RETT) was adopted by voters in 1980. The funds collected may be used for only the following purposes within the town or within one mile of the boundaries of the town.

  1. Acquiring, improving, maintaining and repairing real property for parks, recreation, open space and similar purposes.
  2. The construction, maintenance and repair of buildings which are incidental to park, recreation and open space land.
  3. Landscaping, parks and open space.
  4. The construction, maintenance, repair and landscaping of recreation paths set forth in the Town of Vail recreation trails plan as it may be amended by the Vail Town Council from time to time.
  5. Supporting sustainable environmental practices as determined necessary for the environmental health and welfare of the Town of Vail, its inhabitants and its environs in the discretion of the town council.
  6. Paying incidental costs and principal of and interest on any funds borrowed for the purposes above.

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