TMVOA’s largest revenue stream is the Real Estate Transfer Assessment (RETA). RETA is assessed at a rate of 3% on all eligible real estate transactions and is governed by Section 5.3 in the General Declarations, which can be viewed by clicking here.
RETA revenue is pledged to the operations and maintenance costs of the gondola, as well as used for many of the other TMVOA member services, including grant funding and event sponsorship.
When you buy or sell any real estate in Mountain Village, you or your title company need to complete the RETA Information Sheet which needs to be submitted along with payment and a copy of the deed after your property sale has closed.
Certain real estate transactions are exempt from RETA, including any deed-restricted property. If you think your transaction may be exempt, please review the Second Amendment to the Amended and Restated General Declaration. This Second Amendment lists the various exemptions authorized. TMVOA recommends that you engage a local title company to assist you with the deed, as well as completing and submitting the RETA Exemption Application, which requires you provide information including identifying the specific grounds for exemption.
PLEASE NOTE THAT, AS SET FORTH IN THE SECOND AMENDMENT, EVEN IF YOUR TRANSFER QUALIFIES FOR AN EXEMPTION, BUT THE REQUEST FOR EXEMPTION HAS NOT BEEN SUBMITTED TO TMVOA WITHIN THIRTY (30) DAYS OF THE DATE OF THE TRANSFER, TMVOA IMPOSES A PENALTY OF $500.00, WHICH IS DUE AND PAYABLE PRIOR TO THE ISSUANCE OF A CERTIFICATE OF EXEMPTION. Also, your dues must be current prior to the issuance of the certificate.
Please also note that a completed RETA Exemption Application must include any and all trust agreements, limited liability Company operating agreements, partnership agreements and/or shareholders agreements applicable to entities involved in the transfer. Once your application is complete, please forward it to TMVOA’s Accounting Department, at firstname.lastname@example.org. Exemptions are processed within five (5) business days.