§ 39-12-103 — Redemption made - interest

Colorado § 39-12-103

• Jurisdiction: Colorado
• Title 39: Taxation
• Art.: Redemption

Text

(1) Real property for which a tax
lien was sold under the provisions of article 11 of this title as a result of delinquent
taxes may be redeemed by the owner thereof or his agent, assignee, or attorney, or
by any person having a legal or equitable claim therein, or by a holder of a tax sale
certificate; except that such holder may redeem such real property from any sale of
a tax lien thereof made subsequent to the time of the issuance of the tax sale
certificate upon which he is relying, and the amount paid for the redemption of the
subsequent certificate of purchase shall be endorsed as subsequent taxes paid on
the certificate upon which he is relying.

(2) An undivided interest may be redeemed upon payment of a ratable share
of the sum required to redeem the whole even though a tax lien for the whole has
been sold. In case a tax lien on any tract of land sold for delinquent taxes under the
provisions of article 11 of this title belongs to two or more separate and distinct
parties in severalty, the treasurer, when satisfied of the fact and upon application of
any one of the parties or his agent, assignee, or attorney and upon payment of the
proper proportional amount, shall issue a certificate of redemption for such party's
interest in said land.

(3) The redemption may be made at any time before the execution of a
treasurer's deed to the purchaser or his heirs or assigns upon payment to the
treasurer, to be held by him subject to the order of the purchaser, of the amount of
taxes, delinquent interest, and costs for which the tax lien on the property was sold,
with redemption interest thereon from the date of sale at the rate which is
determined as provided in this subsection (3), together with the amount of all taxes
accruing on such real property after the sale, paid by the purchaser and endorsed
on his certificate of purchase, with redemption interest at the rate which is
determined as provided in this subsection (3) on such taxes so endorsed on the
certificate of purchase. Any payment under this section shall be deemed received
by the treasurer on the date that it is actually received in the treasurer's office. The
annual rate of redemption interest shall be nine percentage points above the
discount rate, which discount rate shall be the rate of interest a commercial bank
pays to the federal reserve bank of Kansas City using a government bond or other
eligible paper as security, and shall be rounded to the nearest full percent. The
commissioner of banking shall establish the annual rate of redemption interest
based upon the computation specified immediately above. Such annual rate of
redemption interest shall be so established as of September 1, 1981, to become
effective October 1, 1981. Thereafter, on September 1 of each year, the annual rate
of redemption interest shall be established in the same manner, to become
effective on October 1 of the same year.

(4) If subsequent taxes are paid before the time when they would become
delinquent, interest shall be computed only from the time of their delinquency.
Such taxes shall bear interest at the annual rate set forth in subsection (3) of this
section, and no more, from the time when the purchaser becomes entitled to a deed
up to the time of issuance of such deed.

(5) All statutory fees paid by the purchaser in connection with such
certificate shall bear the same rate of interest as the original amount for which the
tax lien on the property was sold, the same to be prorated among the several tracts
described in said certificates.

(6) In computing the amount of interest due, portions of months shall be
counted as whole months.

Legislative History

Source: L. 64: R&RE, p. 744, � 1. C.R.S. 1963: � 137-12-3. L. 69: p. 1126, � 2. L. 71: p. 330, � 12. L. 79: (3) amended, p. 1421, � 3, effective January 1, 1980. L. 81: (3) amended, p. 1861, � 1, effective September 1. L. 85: (1) to (5) amended, p. 1247, � 34, effective July 1. L. 89: (4) amended, p. 1467, � 34, effective June 7. L. 92: (3) amended, p. 2233, � 24, effective April 9.