The real estate transfer tax imposed by this Article shall not apply to:
(1) Any transfer where there is no consideration or when the consideration is five hundred dollars ($500.00) or less.
(2) Any transfer wherein the United States, or any agency or instrumentality thereof, the State, any county, city and county, municipality, district or other political subdivision of the State, is either the grantor or grantee.
(3) Any transfer by gift of real property, where there is no consideration other than love and affection or charitable donation.
(4) Any transfer by document, decree or agreement partitioning, terminating or evidencing termination of a joint tenancy, tenancy in common or other co-ownership in real property; however, if additional consideration or value is paid in connection with such partition or termination, the tax shall apply and be based upon such additional consideration.
(5) Any transfer of title or change of interest in real property by reason of death, pursuant to a will, the law of descent and distribution, or otherwise.
(6) 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 and if such owners have the same relative interests in the association or organization as they had in the real property immediately prior to the transfer and there is no consideration other than their respective interests in the new association or organization.
(7) Transfers to make effective any plan confirmed or ordered by a court of competent jurisdiction under the Bankruptcy Code in an equity receivership proceeding.
(8) Any transfer made and delivered without consideration for the purpose of confirming, correcting, modifying or supplementing a transfer previously made; making minor boundary adjustments; removing clouds on titles; or granting rights-of-way, easements or licenses.
(9) Any decree or order of a court of record quieting, determining or resting title, including a final order awarding title pursuant to a condemnation proceeding.
(10) Any transfer of cemetery lots.
(11) Any lease of any real property (or assignment or transfer of any interest in any such lease), provided that the terms and conditions of such lease do not constitute a taxable lease, as defined in this Article, of the property.
(12) Transfers to secure a debt or other obligation, or releases other than by foreclosure of real property which is security for a debt or other obligation.
(13) An executory contract for the sale of real property of less than three (3) years’ duration, under which the vendee is entitled to or takes possession thereof without acquiring title thereto, or any assignment or cancellation of any such contract.
(14) Any transfer by deed in lieu of foreclosure, provided that:
(a) Such transfer shall be exempt only if the grantee in such deed is the person holding the obligation or instrument which is being canceled, in whole or in part, in exchange for the transfer; and
(b) Such transfer shall be exempt only to the extent of the amount of the obligation which is being canceled, in whole or in part, in exchange for the transfer.
(15) Any transfer by sheriff’s deed, trustee’s deed or other conveyance of real property in connection with an execution sale; foreclosure sale by the public trustee under a power of sale; court decree foreclosing a mortgage, deed of trust or other security instrument; or court decree of lien foreclosure; provided that:
(a) Such transfer shall be exempt only if the grantee in such deed is the same person who is the holder, payee or beneficiary (as determined at the time of the commencement of foreclosure or execution) of the debt or instrument which is the basis of the proceeding, or such person is a junior lien holder or exercising redemption rights pursuant to a lien that was recorded prior to commencement of the foreclosure or execution; and
(b) Such transfer shall be exempt only to the extent of the current amount of the obligation satisfied at the execution or foreclosure sale, plus any obligations to prior lienholders paid from the sale.
The certificate of purchase or other evidence of purchase issued by the person conducting the sale shall, if the above-described conditions are met, be exempt from the within transfer tax. If the conditions are not so satisfied, there shall be a tax imposed as provided herein, at the time of the issuance of the certificate of purchase or other evidence of purchase issued by the person conducting the sale, which payment shall be made to the Town in escrow. If no redemption is made by the owner, the tax shall become absolute to the Town upon expiration of the owner’s redemption periods. If redemption is made by the owner, the tax shall be refunded to the person who paid it to the Town. A transfer of the certificate of purchase or other evidence of purchase issued by the person conducting the sale shall be subject to a transfer tax. The deed by the person or entity conducting the sale is not a transfer subject to the transfer tax.
(16) Any transfer which fulfills all of the following three (3) conditions:
(a) The transferor obtained title to the property from the transferee.
(b) The transfer occurred pursuant to a written agreement entered into on or before the date of the deed which conveyed title from the transferee to the transferor. At a minimum, the agreement shall either:
1. Allow the transferor to require the transferee to reacquire the property; or
2. Allow the transferee to require the transferor to reconvey the property to the transferee.
(c) The transfer occurred on or before three hundred sixty-five (365) days after the transferor obtained title from the transferee.
(17) A transfer under foreclosure or power of sale, or a voluntary conveyance in lieu of foreclosure, whereby the secured party takes back the property or the property is redeemed by the original debtor. However, a purchaser at a foreclosure sale who holds no security interest or redemption rights in the property, and who acquires title to the property upon expiration of all redemption periods, is required to pay the tax.
(18) Transfers pursuant to a decree of separation or divorce.
(19) Transfer to intermediaries for no consideration for a period not to exceed six (6) months.
(20) Transfers to a trust if the donor has the same relative interest in the trust as he or she had prior to the transfer; or if there is no consideration other than love and affection or charitable donation. Transfers from such a trust conveying or releasing the property from the trust are also exempt where there is no consideration.
(21) Transfers of affordable housing units which are subject to a Town or Housing Authority deed restriction which includes a limitation on maximum sales price; provided that such transfer is made in compliance with applicable housing guidelines, as may be amended from time to time; and provided, further, that if any of the Town’s excise tax revenue bonds, Series 1997, or any other obligations of the Town having a lien on the real estate transfer tax revenues on a parity therewith are then outstanding, at the time of said transfer the Town has appropriated and deposited in the Capital Improvement Fund to the extent required to make all payments required by Sections 5B(1) and 5B(2) of Ordinance No. 1068, Series of 1997, or any corresponding sections of any other ordinances authorizing the issuance of any such obligations an amount at least equal to the amount of the real estate transfer tax waived by reason of this exemption.
(22) Any transfer which fulfills all of the following conditions:
(a) A transfer of real property to a local or regional nonprofit that has a history and mission of benefiting the San Miguel County, Colorado, regional community or which local or regional nonprofit supports programs or activities accessible to the Town of Telluride community and the nonprofit is a federally recognized and qualified nonprofit pursuant to applicable federal law at 26 U.S.C. § 501(c).
(b) Contemporaneous with the closing to acquire the real property, the federally recognized local or regional nonprofit imposes on the acquired real property a perpetual deed restriction that runs to the benefit of the Town and which deed restriction restricts and/or dedicates what was otherwise unrestricted real property to quasi-public or nonprofit uses that advance the interests of the Telluride regional community.
(c) Following approval of a RETT exemption for the initial transaction imposing the deed restriction, any subsequent transaction on the RETT exempt property shall also be eligible for a future RETT exemption, provided the buyer continues to satisfy the requirement that it is a local or regional nonprofit that has a history and mission of benefiting the San Miguel County, Colorado, regional community or which local or regional nonprofit supports programs or activities accessible to the Town of Telluride community and the nonprofit is a federally recognized and qualified nonprofit pursuant to applicable federal law at 26 U.S.C. § 501(c). (Prior code 3.12.060; Ord. 1288 §1, 2008; Ord. 1492 §1, 2019)