Property Tax Exemptions - The Civic Federation

calculated on the basis of the property tax levy on such property in the preceding taxableyear and prorated to the date upon which title to such property was conveyed.B. Procedures for Retaining an Exemption.Exemptions are retained by following the annual filing requirements and by meeting thestatutory requirements to receive an exemption.C. Annual Certification.CO ST § 39-3-114The burden shall be on the owner and operator of any residential property for which anexemption is claimed pursuant to any of the provisions of sections 39- 3-109 and39-3-112 to show facts sufficient to support the exemption claimed. In determiningwhether or not a particular property is entitled to such an exemption provided for in anyof said sections, the administrator shall require the owner or operator of such property toannually submit a complete financial report on its operations and shall require anyoccupants whose residential units are claimed to qualify for such exemption to submitcopies of their federal or state income tax returns.Property tax exemptions are determined on an annual basis under the property taxscheme, based on the use of the property in each tax year, and implicit in the scheme is arequirement that, in order for that property to qualify for tax exemption for that tax year,there must be at least some actual use of the property for tax exempt purposes in that taxyear. Pilgrim Rest Baptist Church, Inc. v. Property Tax Adm'r, App.1998, 971 P.2d 270,modified on denial of rehearing, certiorari denied.D. Obligation to File Copies of Lease or Agreements.No statute was found requiring the filing of agreements and/or agreements.E. Notification Requirements After Change in Use or Ownership.CO ST § 39-3-130(1)(b)(I) Except as otherwise provided in subsection (2) of this section, whenever any realproperty that was previously exempt from the levy and collection of property taxbecomes taxable, the person acquiring title to the real property shall be liable forsubsequent tax obligations with respect to the real property on the date title thereto isacquired by the person.(II) On and after January 1, 1996, except as otherwise provided in subsection (2) of thissection, whenever any personal property that was previously exempt from the levy andcollection of property tax becomes taxable, the taxable status shall become effective onthe assessment date following the change in status. If the change in status occurred dueto conveyance of the personal property, the person acquiring title to the personal propertyshall not be liable for any tax obligation with respect to the personal property for theproperty tax year in which the conveyance occurred.50