Colo. Rev. Stat. § 39-3.5-101

Current through 11/5/2024 election

Section 39-3.5-101 - Definitions

As used in this article 3.5, unless the context otherwise requires:

(1) "Homestead" means the owner-occupied residence of the taxpayer and includes owner-occupied units in a condominium, townhouse, or similar structure and an owner-occupied mobile home.

(1.5) "Mobile home" means any wheeled vehicle, exceeding either eight feet in width or thirty-two feet in length, excluding towing gear and bumpers, without motive power, which is designed and commonly used for occupancy by persons for residential purposes, in either temporary or permanent locations, and which may be drawn over the public highways by a motor vehicle.

(1.8) "Person called into military service" means a member of the Army National Guard of the United States, the Army reserve, the Naval reserve, the Marine Corps reserve, the Air National Guard of the United States, the Air Force reserve, or the Coast Guard reserve who has been ordered to active duty pursuant to 10 U.S.C. sec. 12301 (a) or 12302 for a period of more than thirty consecutive days in a time of war or national emergency declared by the congress or the president of the United States. "Active duty" includes any period during which a person called into military service is absent from duty on account of sickness, wounds, leave, or other lawful cause.

(2) "Real property taxes" means all ad valorem taxes levied on a homestead, including special assessments and all other charges which are recoverable by law at the annual real estate tax sale, and includes special assessments and all other charges which are recoverable by law at the personal property tax sale of a mobile home, as provided in section 39-10-111.

(2.5) "State treasurer" includes a third-party administrator that enters into a contract with the state treasurer to administer the property tax deferral program created in this article 3.5 in accordance with section 39-3.5-103.5 (2).

(3) "Tax-deferred property" means the property upon which real property taxes are deferred pursuant to this article.

(3.5) "Tax-growth cap" means:

(a) For property tax years commencing before January 1, 2025, an amount equal to the average of a person's real property taxes paid on the same homestead for the two property tax years preceding the year a deferral is claimed, increased by four percent; and

(b) For property tax years commencing on or after January 1, 2025, an amount equal to the average of a person's real property taxes paid on the same homestead for the two property tax years preceding the year a deferral is claimed.

(4) "Taxpayer" means a person who has filed or whose guardian, conservator, or attorney-in-fact has filed a claim for deferral pursuant to this article or persons who have jointly filed a claim for deferral under this article.

C.R.S. § 39-3.5-101

Amended by 2024 Ch. 171,§ 10, eff. 10/1/2024.

Amended by 2022 Ch. 388, § 1, eff. 6/7/2022.

Amended by 2021 Ch. 206, § 12, eff. only if the federal government creates the Space National Guard in the "FY 2022 National Defense Authorization Act" and take effect on the date identified in the written notice from the resource and legislative director of the department of military and veterans affairs to the revisor of statutes, as required in section 10 of this act, that the Space National Guard was created or, if the notice does not specify that date, on the date of the notice to the revisor of statutes, or on the effective date of this act (5/28/2021), whichever is later government creates the Space National Guard in the "FY 2022 National Defense Authorization Act" and takes effect on date identified in written notice from the resource and legislative director of the department of military and veterans affairs to the revisor of statutes, as required in section 10 of this act, that the Space National Guard was created or, if the notice does not specify that date, on the date of the notice to the revisor of statutes, or on the effective date of this act (5/28/2021), whichever is later (amendment did not take effect).

Amended by 2021 Ch. 301, § 5, eff. 6/23/2021.

L. 78: Entire article added, p. 471, § 1, effective 2/28/1979. L. 79: (1) and (4) amended, p. 1411, § 1, effective 1/1/1980. L. 88: (1) and (2) amended and (1.5) added, p. 1283, § 9, effective 1/1/1989. L. 2003: (1.8) added, p. 2112, § 1, effective May 22. L. 2021: IP amended and (3.5) added, (SB 21-293), ch. 1808, p. 1808, § 5, effective June 23; IP and (1.8) amended, (HB 21-1231), ch. 1079, p. 1079, § 12, effective (see editor's note).

Section 18 of chapter 1, (HB 24B-1001), Session Laws of Colorado 2024, Second Extraordinary Session, amended section 14 of chapter 171, (SB 24-233), Session Laws of Colorado 2024, to change the effective date of SB 24-233 to October 1, 2024, if both an initiative that reduces valuations for assessment and an initiative that requires voter approval for retaining property tax revenue that exceeds a limit are withdrawn pursuant to section 1-40-134, C.R.S., from the statewide ballot for the general election held on November 5, 2024. On September 4, 2024, the secretary of state announced both an initiative that reduces valuations for assessment and an initiative that requires voter approval for retaining property tax revenue that exceeds a limit were withdrawn from the 2024 general election ballot.