C.R.S. Section 39-1-119.5
Funds collected by lessors of personal property for payments of taxes

  • refund
  • damages

(1)

If a personal property lessee is required to make payment to a lessor pursuant to the terms of any contract or other agreement entered into between the lessee and lessor for the payment of personal property tax due on or after January 1, 2007, those payments shall be accounted for upon the termination of the lease entered into between the lessee and lessor. If it is determined upon this accounting that a refund is due to the lessee for overpayment of personal property taxes, the lessor shall make such refund to the lessee on or before August 31 of the year in which the tax is due.

(2)

The lessor shall base the accounting and refund on the actual property tax liability due in each year of the lease period.

(3)

Any lessor who willfully fails to make a refund in violation of subsection (1) of this section shall be liable to the lessee, in a civil action, in an amount equal to the sum of three times the amount of actual damages sustained and in the case of any successful action to enforce said liability, the costs of the action together with reasonable attorney fees as determined by the court.

(4)

Any action brought under this section shall be commenced within three years after the date on which the failure to refund occurred or within three years after the lessee discovered or in the exercise of reasonable diligence should have discovered the lessor’s failure to refund. The period of limitation provided in this section may be extended for a period of one year if the lessee proves that failure to timely commence the action was caused by the lessor engaging in conduct calculated to induce the lessee to refrain from or postpone the commencement of the action.

Source: Section 39-1-119.5 — Funds collected by lessors of personal property for payments of taxes - refund - damages, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-39.­pdf (accessed Oct. 20, 2023).

39‑1‑101
Legislative declaration 39‑1‑101.5
Legislative declaration - taxpayer rights 39‑1‑102
Definitions 39‑1‑103
Actual value determined - when - legislative declaration 39‑1‑103.5
Restrictions on information 39‑1‑104
Valuation for assessment - definitions 39‑1‑104.2
Residential real property - valuation for assessment - legislative declaration - definitions 39‑1‑104.3
Partial real property tax reductions - residential property - definitions - repeal 39‑1‑104.4
Adjustment of residential rate 39‑1‑104.5
Severed mineral interest - placement on tax roll 39‑1‑104.6
Primary residence real property 39‑1‑104.7
Qualified-senior primary residence real property - definitions 39‑1‑105
Assessment date 39‑1‑105.5
Reappraisal ordered based on valuation for assessment study - state school finance payments 39‑1‑106
Partial interests not subject to separate tax 39‑1‑107
Tax liens 39‑1‑108
Payment of taxes - grantor and grantee 39‑1‑109
Taxes paid by mortgagee - effect 39‑1‑110
Notice - formation of political subdivision - boundary change of special district 39‑1‑111
Taxes levied by board of county commissioners - repeal 39‑1‑111.5
Temporary property tax credits and temporary mill levy rate reductions 39‑1‑112
Taxes available - when 39‑1‑113
Abatement and refund of taxes 39‑1‑114
Who may administer oath 39‑1‑115
Records prima facie evidence 39‑1‑116
Penalty for divulging confidential information 39‑1‑117
Prior actions not affected 39‑1‑118
Repeal of law levying state property tax - disposition of funds 39‑1‑119
Funds held for payment of taxes - refund - reduction and increase of amounts - penalty 39‑1‑119.5
Funds collected by lessors of personal property for payments of taxes - refund - damages 39‑1‑120
Filing - when deemed to have been made 39‑1‑121
Expression of rate of property taxation in dollars per thousand dollars of valuation for assessment - definitions 39‑1‑123
Property tax reimbursement - property destroyed by natural cause 39‑1‑124
Mailing required to be sent by county assessor or treasurer - reasonable certainty mailing will not be delivered
Green check means up to date. Up to date

Current through Fall 2024

§ 39-1-119.5’s source at colorado​.gov