§ 39-5-113.5 — Works of art - apportionment of value

Colorado § 39-5-113.5

• Jurisdiction: Colorado
• Title 39: Taxation
• Art.: Valuation and Taxation

Text

(1) Any persons owning
any works of art which are apt to be displayed in any county of the state during any
calendar year shall indicate in a statement accompanying their personal property
schedule the kind and description of such works of art and the estimated period of
time during the calendar year in which such works of art are to be so displayed and
shall provide to the assessor proof of exemption pursuant to the provisions of
sections 39-3-123 and 39-26-102 (2.5). Failure to file a statement results in
forfeiture of a claim for exemption in that calendar year.

(2) The assessor of the county in which such works of art are displayed shall
determine its value in the proportion that the periods of time during which such
works of art may be displayed bear to the full calendar year. He shall furnish a copy
of such valuation to the owner of such works of art or to his agent.

Legislative History

Source: L. 84: Entire section added, p. 999, � 2, effective January 1. L. 89: (1) amended, p. 1484, � 8, effective April 23. L. 90: (2) amended, p. 1697, � 20, effective June 9.