C.R.S. Section 39-3-209
State expenditure for property tax exemptions

  • mechanism for refunding of excess state revenue
  • legislative declaration

(1)

The general assembly hereby finds and declares that:

(a)

Although the exemptions allowed by this part 2 are exemptions from local government property taxes, the state must reimburse local governments for the net amount of property tax revenues lost as a result of the exemptions and therefore bears the full cost of the exemptions;

(b)

Section 3.5 of article X of the state constitution authorizes the general assembly to raise or lower the maximum amount of actual value of residential real property of which fifty percent is exempt pursuant to this part 2;

(c)

In order to eliminate the cost of the exemption and fund other state needs, the general assembly, as authorized by section 3.5 of article X of the state constitution, has at times temporarily suspended the exemption for qualifying seniors allowed by this part 2 by lowering to zero the maximum amount of actual value of residential real property of which fifty percent is exempt;

(d)

The general assembly intends to allow seniors to rely on predictable and sustainable exemptions by fully funding the property tax exemption for qualifying seniors in the future, and it is more likely to be able to do so if the cost of the exemption, which exclusively benefits taxpayers who reside in Colorado, constitutes a refund of excess state revenues for state fiscal years for which such refunds are required; and

(e)

Section 20 of article X of the state constitution authorizes the state to use any reasonable method to make required refunds of excess state revenues, and the payment by the state of reimbursement to local governments for the net amount of property tax revenues lost as a result of the property tax exemptions allowed by this part 2, which exemptions directly reduce the tax liability of taxpaying Colorado residents throughout the state, is a reasonable method of making such refunds.

(2)

For any state fiscal year commencing on or after July 1, 2017, for which state revenues, as defined in section 24-77-103.6 (6)(c), exceed the excess state revenues cap, as defined in section 24-77-103.6 (6)(b)(I)(C) or (6)(b)(I)(D), and are required to be refunded in accordance with section 20 of article X of the state constitution, the lesser of all reimbursement paid by the state treasurer to each treasurer as required by section 39-3-207 (4) for the property tax year that commenced during the state fiscal year or an amount of such reimbursement equal to the amount of excess state revenues for the state fiscal year that are required to be refunded is a refund of such excess state revenues.

Source: Section 39-3-209 — State expenditure for property tax exemptions - mechanism for refunding of excess state revenue - legislative declaration, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-39.­pdf (accessed Oct. 20, 2023).

39‑3‑101
Legislative declaration - presumption of charitable purpose 39‑3‑102
Household furnishings - exemption 39‑3‑103
Personal effects - exemption 39‑3‑104
Ditches, canals, and flumes - exemption 39‑3‑105
Public libraries - governments - school districts - exemption 39‑3‑106
Property - religious purposes - exemption - legislative declaration 39‑3‑106.5
Tax-exempt property - incidental use - exemption - limitations 39‑3‑107
Property - not-for-profit schools - exemption 39‑3‑108
Property - nonresidential - health-care facility - water company - charitable purposes - exemption - limitations 39‑3‑108.5
Property - community corrections facility - exemption 39‑3‑109
Residential property - integral part of tax-exempt entities - charitable purposes - exemption - limitations 39‑3‑110
Property - integral part of child care center - charitable purposes - exemption - limitations 39‑3‑111
Property - used by fraternal or veterans’ organization - charitable purposes - exemption - limitations 39‑3‑111.5
Property - health-care services - charitable purposes - exemption - limitations 39‑3‑112
Residential property - orphanage - low-income elderly or individuals with disabilities - homeless or abused - low-income households - charitable purposes - exemption - limitations - definitions 39‑3‑112.5
Residential property - homeless - charitable purposes - exempt - limitations 39‑3‑113
Residential property - while being constructed - charitable purposes - exemption - limitations 39‑3‑113.5
Property acquired by nonprofit housing provider for low-income housing - use for charitable purposes - exemption - limitations - definitions 39‑3‑114
Burden - claim for charitable exemption 39‑3‑115
Statutes not applicable 39‑3‑116
Combination use of property - charitable, religious, and educational purposes - exemption - limitations 39‑3‑117
Cemeteries - not-for-profit - exemption 39‑3‑118
Intangible personal property - exemption 39‑3‑118.5
Business personal property - exemption - exemption authority for local governments 39‑3‑118.7
Community solar garden - partial business personal property tax exemption - definitions 39‑3‑119
Inventories - materials and supplies - held for consumption or primarily for sale - exemption 39‑3‑119.5
Personal property - exemption - reimbursement to local governments - legislative declaration - definitions 39‑3‑120
Livestock - exemption 39‑3‑121
Agricultural and livestock products - exemption 39‑3‑122
Agricultural equipment used in production of agricultural products - CEA facilities - exemption - definition 39‑3‑123
Works of art, literary materials, and artifacts - on loan - exemption - limitations - definitions 39‑3‑124
Property used by state entity - installment sales or lease agreement - financed purchase of an asset, certificate of participation, or leveraged lease agreement - exemption 39‑3‑126
Horticultural improvements - exemption - limitation - exception 39‑3‑126.5
Mobile homes - low-value - exemption - legislative declaration - definition 39‑3‑127
County fair property - exemption - limitation 39‑3‑127.5
Qualifying business entities - participation in federal tax credit transactions - exemption - requirements - definitions 39‑3‑127.7
Community land trust property - nonprofit affordable homeownership developer property - exemption - requirements - legislative declaration - definitions 39‑3‑128
Exempt property listed and valued 39‑3‑129
Proportional valuation - exempt property 39‑3‑130
Change in tax status of property - effective date - tax liability 39‑3‑131
Entire property becomes tax-exempt 39‑3‑132
Portion of property becomes tax-exempt 39‑3‑133
Payment of property taxes extinguishes lien 39‑3‑134
Condemnation by tax-exempt agency - duties of treasurer 39‑3‑137
Organizations with tax-exempt status - forgiveness of taxes owed 39‑3‑138
EV supply equipment - exemption 39‑3‑201
Legislative declaration 39‑3‑202
Definitions 39‑3‑203
Property tax exemption - qualifications 39‑3‑204
Notice of property tax exemption 39‑3‑205
Exemption applications - penalty for providing false information - confidentiality 39‑3‑206
Notice to individuals returning incomplete or nonqualifying exemption applications - denial of exemption - administrative remedies 39‑3‑207
Reporting of exemptions - reimbursement to local governmental entities 39‑3‑208
Auditing of property tax exemption program 39‑3‑209
State expenditure for property tax exemptions - mechanism for refunding of excess state revenue - legislative declaration 39‑3‑210
Reporting of property tax revenue reductions - reimbursement of local governmental entities - definitions - local government backfill cash fund - creation - repeal
Green check means up to date. Up to date

Current through Fall 2024

§ 39-3-209’s source at colorado​.gov