(1) For property tax years commencing on and after January 1, 1997, personal property not otherwise exempt from property tax shall be exempt from the levy and collection of property tax if the personal property would otherwise be listed on a single personal property schedule and the actual value of such personal property is less than or equal to the amount set forth in subsection (2) of this section.
(2) (a) The exemption created in subsection (1) of this section shall be up to and including the following amounts:
Two thousand five hundred dollars for property tax years commencing prior to January 1, 2009;
Four thousand dollars for property tax years commencing on January 1, 2009, andJanuary 1, 2010;
Five thousand five hundred dollars for property tax years commencing on January1, 2011, and January 1, 2012; and
Seven thousand dollars for property tax years commencing on January 1, 2013, andJanuary 1, 2014.
(b) (I) Beginning with the property tax year commencing on January 1, 2015, the amount of the exemption created in subsection (1) of this section shall be adjusted biennially to account for inflation since the amount of the exemption last changed pursuant to this subsection (2). On or before November 1, 2014, and each even-numbered year thereafter, the administrator shall calculate the amount of the exemption for the next two-year cycle using inflation for the prior two calendar years as of the date of the calculation. The adjusted exemption shall be rounded upward to the nearest one hundred dollar increment. The administrator shall certify the amount of the exemption for the next two-year cycle and publish the amount on the website maintained by the division of property taxation in the department of local affairs.
(II) As used in subsection (2)(b)(I) of this section, "inflation" means the annual percentage change in the United States department of labor, bureau of labor statistics, consumer price index for Denver-Aurora-Lakewood for all items and all urban consumers, or its applicable predecessor or successor index.
Source: L. 96: Entire section added, p. 1847, § 1, effective August 7. L. 2008: Entire section amended, p. 947, § 1, effective August 5. L. 2018: (2)(b)(II) amended, (HB 18-1375), ch. 274, p. 1722, § 79, effective May 29.
Livestock - exemption. Livestock shall be exempt from the levy and collection of property tax.
Source: L. 89: Entire article R&RE, p. 1476, § 1, effective April 23.
Editor's note: This section is similar to former § 39-3-101 (1)(l) as it existed prior to 1989.
Agricultural and livestock products - exemption. Agricultural and livestock products shall be exempt from the levy and collection of property tax.
Source: L. 89: Entire article R&RE, p. 1477, § 1, effective April 23.
Editor's note: This section is similar to former § 39-3-101 (1)(m) as it existed prior to 1989.
Agricultural equipment used in production of agricultural products exemption. Agricultural equipment which is used on any farm or ranch in the production of agricultural products shall be exempt from the levy and collection of property tax.
Source: L. 89: Entire article R&RE, p. 1477, § 1, effective April 23.
Editor's note: This section is similar to former § 39-3-101 (1)(n) as it existed prior to 1989.
Works of art, literary materials, and artifacts - on loan - exemption limitations - definitions. (1) Works of art, literary materials, and artifacts shall be exempt from the levy and collection of property tax if such works of art, literary materials, and artifacts are loaned to and are in the custody and control of:
The state or a political subdivision thereof; or
A library or any art gallery or museum which is owned or operated by a charitableorganization whose property is irrevocably dedicated to charitable purposes and whose assets shall not inure to the benefit of any private person upon the liquidation, dissolution, or abandonment by the owner, and which uses such works of art, literary materials, and artifacts for charitable purposes. This exemption shall apply only for the period of time during which such works of art, literary materials, and artifacts are actually on loan and shall be in addition to such exemptions provided for in sections 39-3-108 to 39-3-113.5.
Any exemption claimed pursuant to the provisions of subsection (1) of this sectionshall comply with the provisions of section 39-5-113.5.
For purposes of subsection (1) of this section:
"Artifacts" means items of personal property which are objects of human workmanship and which have archaeological or historical significance.
"Charitable organization" means a charitable organization as defined in section 3926-102 (2.5).
"Charitable purposes" means public display, research, educational study, maintenance of property, and preparation for display.
"Literary materials" means items of personal property including, but not limited to,books, letters, diaries, records, documents, memoranda, journals, magazines, and notes. (e) "Works of art" means works of art as defined in section 39-1-102 (18).
Source: L. 89: Entire article R&RE, p. 1477, § 1, effective April 23. L. 2013: (1)(b) amended, (HB 13-1300), ch. 316, p. 1704, § 121, effective August 7.
Editor's note: This section is similar to former § 39-3-101 (1)(o) as it existed prior to 1989.