Colorado § 39-3-130 Change in tax status of property - effective date - tax liability

Colorado Statutes

§ 39-3-130 — Change in tax status of property - effective date - tax liability

Colorado·Title 39 Taxation·Art. Exemptions

(1)

(a)(I) Whenever any real property that was previously taxable becomes legally exempt from the levy and collection of property tax for any reason, the person conveying the real property shall be relieved from all further tax obligations with respect to the real property on the date title thereto is conveyed by agreement or on the date title thereto is conveyed pursuant to a court order.

(II)On and after January 1, 1996, whenever any personal property that was previously taxable becomes legally exempt from the levy and collection of property tax for any reason, the exempt status shall become effective on the assessment date following the change in status. If the change in status occurred due to the conveyance of the personal property, the person conveying the personal propert

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(1)
(a) (I) Whenever any real property that was previously taxable becomes legally
exempt from the levy and collection of property tax for any reason, the person
conveying the real property shall be relieved from all further tax obligations with
respect to the real property on the date title thereto is conveyed by agreement or
on the date title thereto is conveyed pursuant to a court order.

(II) On and after January 1, 1996, whenever any personal property that was
previously taxable becomes legally exempt from the levy and collection of property
tax for any reason, the exempt status shall become effective on the assessment
date following the change in status. If the change in status occurred due to the
conveyance of the personal property, the person conveying the personal property
shall not be relieved of any tax obligation with respect to the personal property for
the property tax year in which the conveyance occurred.

(b) (I) Except as otherwise provided in subsection (2) of this section,
whenever any real property that was previously exempt from the levy and
collection of property tax becomes taxable, the person acquiring title to the real
property shall be liable for subsequent tax obligations with respect to the real
property on the date title thereto is acquired by the person.

(II) On and after January 1, 1996, except as otherwise provided in subsection
(2) of this section, whenever any personal property that was previously exempt
from the levy and collection of property tax becomes taxable, the taxable status
shall become effective on the assessment date following the change in status. If
the change in status occurred due to conveyance of the personal property, the
person acquiring title to the personal property shall not be liable for any tax
obligation with respect to the personal property for the property tax year in which
the conveyance occurred.

(2) Whenever any personal property consisting of inventory, as defined in
section 39-1-102 (7.2), becomes taxable because the personal property has become
subject to a lease or rental agreement, the lessor shall not be responsible for any
tax obligation on the property for the property tax year in which the agreement was
executed.

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