§ 39-1-101 — Legislative declaration

The general assembly declares that its
purpose in enacting articles 1 to 13 of this title is to exercise the authority granted
in section 3 of article X of the state constitution wherein it is provided, among other
things, that the actual value of all real and personal property not exempt from
taxation under this article shall be determined under general laws, which shall
prescribe such methods and regulations as shall secure just and equalized
valuations for assessment of all real and personal property not exempt from
taxation under this article. It further declares that it intends to fix the percentage
of such determined actual value at which all such property shall be assessed for
taxation. It further declares that the actual value of certain classes of real property
may not be able to be determined after appropriate consideration of the three
approaches to value; therefore, it is incumbent upon the general assembly to
provide for a means to determine the actual value of such taxable property, and, to
effect this result, the general assembly hereby finds and declares that, when
appropriate consideration of the three approaches to value fails to derive an actual
value for such property, the actual value of such property shall be determined by
comparison of the surface use of such property to property with a similar surface
use. It further declares that the actual value of nonproducing oil, gas, and oil and
gas mineral interests shall be determined by the income approach capitalizing
annual net rental income at an appropriate market rate. To these ends, the
provisions of said articles shall be strictly construed.

Legislative History

Source: L. 64: R&RE, p. 675, � 1. C.R.S. 1963: � 137-1-2. L. 83: Entire section amended, p. 1480, � 1, effective April 22. L. 85: Entire section amended, p. 1209, � 1, effective May 9.