(1) As used in this section, unless the context otherwise requires:
(a) "Qualified business entity" means a limited partnership or a limited liability company:
That is formed for the purpose of obtaining federal tax credits and that does obtainsuch credits; and
The general partner or managing member of which is an entity that would qualify forproperty tax exemption under sections 39-3-106 to 39-3-113.5.
(2) For property tax years beginning on or after January 1, 2014, real and personal property is exempt from the levy and collection of property tax if:
The property tax is owed by a qualified business entity; and
The property is used for the purposes described in sections 39-3-106 to 39-3-113.5 and 39-3-116.
In addition to any other requirement specified in this section, any exemption claimedpursuant to the provisions of this section must also comply with section 39-2-117.
Source: L. 2014: Entire section added, (HB 14-1349), ch. 230, p. 853, § 1, effective May 17.
Exempt property listed and valued. It is the duty of the assessor to list, appraise, and value all real property exempted from the levy and collection of property tax pursuant to the provisions of sections 39-3-106 to 39-3-113.5 or 39-3-116, and such information shall be entered in the same detail as required for taxable property.
Source: L. 89: Entire article R&RE, p. 1478, § 1, effective April 23; entire section amended, p. 1492, § 8, effective June 7. L. 2013: Entire section amended, (HB 13-1300), ch. 316, p. 1705, § 122, effective August 7. L. 2016: Entire section amended, (SB 16-189), ch. 210, p. 792, § 106, effective June 6.
Editor's note: This section is similar to former § 39-3-105 as it existed prior to 1989.
Proportional valuation - exempt property. (1) Except as otherwise provided in subsection (2) of this section, whenever any real property that was previously taxable becomes legally exempt from the levy and collection of property tax or any real property that was previously legally exempt from the levy and collection of property tax becomes taxable, the valuation for assessment of the real property shall be a proportion of the valuation for assessment of the real property for the entire taxable year based upon the ratio of the portion of the taxable year in which the property is taxable to the entire taxable year. In the event the real property is partially leased, loaned, or otherwise made available to and used by a business conducted for profit, the determination as to what portion of the real property is so utilized shall be made by the administrator on the basis of the facts existing on the annual assessment date for the real property. The administrator shall have the authority to determine the actual value of the nonexempt portion of the property in relation to the actual value of the entire property by using the ratio of the square foot area of the property utilized by the business conducted for profit to the total square foot area of the property. Where shown to be more appropriate, in order to determine the relationship between the actual value of the nonexempt portion of the property and the actual value of the total property, the administrator may employ the ratio of the portion as measured in hours of any calendar year in which the property is leased, loaned, or otherwise made available to and used by any business conducted for profit to the entire calendar year.
(2) The provisions of subsection (1) of this section shall not be applicable to household furnishings.
Source: L. 89: Entire article R&RE, p. 1478, § 1, effective April 23. L. 96: (1) amended,
p. 44, § 2, effective March 20; (1) amended, p. 1200, § 4, effective June 1.
Editor's note: (1) This section is similar to former § 39-3-106 as it existed prior to 1989.
(2) Amendments to subsection (1) by Senate Bill 96-006 and House Bill 96-1113 were harmonized.
Cross references: For the legislative declaration contained in the 1996 act amending subsection (1), see section 1 of chapter 16, Session Laws of Colorado 1996.