Colorado Code
Part 1 - Property Exempt From Taxation
§ 39-3-112. Definitions - Residential Property - Orphanage - Low-Income Elderly or Individuals With Disabilities - Homeless or Abused - Low-Income Households - Charitable Purposes - Exemption - Limitations

(B.5) For property tax years commencing on or after January 1, 2019, this subsection (3)(c)(II) shall not apply if, during such compliance period, such domestic or foreign limited partnership which owns the residential structure distributes income or has income available for distribution to its partners or if the residential structure is sold or otherwise disposed of during such compliance period. If the administrator determines that, as specified in this subsection (3)(c)(II)(B.5), income has been distributed or has been available for distribution or the residential property has been sold or otherwise disposed of, the administrator shall either revoke the property tax exemption for the residential property as of the date income becomes available for distribution or terminate the exemption as of the date the property is transferred.













(4.5) No requirement shall be imposed that use of property which is otherwise exempt pursuant to the provisions of this section shall benefit the people of Colorado in order to qualify for said exemption.



Source: L. 89: Entire article R&RE, p. 1473, § 1, effective April 23. L. 90: (4.5) added, p. 1713, § 6, effective June 9. L. 91: (1)(c) added and (3)(a) and (3)(c) amended, p. 1957, §§ 4, 5, effective June 7. L. 92: (3)(c)(II)(B) amended, p. 2223, § 3, effective April 9. L. 93: (1)(a.5), (3)(c)(III), and (3)(c)(IV) added and (3)(c)(II)(C) amended, p. 432, §§ 1, 2, effective April 19. L. 95: (1)(c), (3)(c)(II)(A), and (3)(c)(III)(A) amended, p. 1391, § 1, effective June 5. L. 2001: (1)(a), (3)(c)(II)(A), (3)(c)(III)(A), and (3)(c)(IV)(A) amended and (1)(a.3), (1)(b.3), (1)(b.5), (3)(a)(II)(D), and (6) added, pp. 1520, 1521, §§ 1, 2, 3, effective August 8. L. 2008: (3)(b)(IV) amended, p. 1604, § 34, effective May 29. L. 2014: (1)(a.5) amended, (SB 14-118), ch. 250, p. 986, § 24, effective August 6. L. 2019: IP(3) and (3)(c)(II)(B) amended and (3)(c)(II)(B.5) added, (HB 19-1319), ch. 200, p. 2164, § 4, effective September 1. L. 2021: IP(3) and (3)(b)(IV) amended, (HB 21-1108), ch. 156, p. 897, § 45, effective September 7.
Editor's note: This section is similar to former § 39-3-101 (1)(g) as it existed prior to 1989.
Cross references: (1) For the legislative declaration contained in the 2008 act amending subsection (3)(b)(IV), see section 1 of chapter 341, Session Laws of Colorado 2008.
(2) For the legislative declaration in HB 19-1319, see section 1 of chapter 200, Session Laws of Colorado 2019.
(3) For the legislative declaration in HB 21-1108, see section 1 of chapter 156, Session Laws of Colorado 2021.

Structure Colorado Code