Colorado Revised Statutes Title 39 — Taxation
C.R.S. § 39-1-119
Funds held for payment of taxes - refund - reduction and increase of amounts - penalty
# (1)
Subject to section 39-3.5-105 (2), all funds in excess of those permitted to be held by the federal Real Estate Settlement Procedures Act of 1974, 12 U.S.C. sec. 2601 et seq., as amended from time to time, and any rules promulgated to implement that federal law, as amended from time to time, held in escrow for the payment of ad valorem taxes on property under any deed of trust, mortgage, or other agreement encumbering or pertaining to real property located in this state shall be refunded to the property owner at the time and in the manner required by the federal law and rules. This subsection (1) applies whether or not the federal law and rules would apply to the deed of trust, mortgage, or other agreement in the absence of this subsection (1).
# (2)
Payments into such escrow accounts for the payment of ad valorem taxes due in subsequent years shall be adjusted annually, based upon the amount of taxes paid on the subject property for the preceding year, but if such person reasonably believes that substantial improvements have been made to such property, which improvements were not included within the previous year's assessment, a reasonable estimate of the taxes for such subsequent years may be used as a basis for establishing the payments for such escrow account. (2.5) The amount of payments into such escrow accounts for the payment of ad valorem taxes due in subsequent years shall be increased only upon official notification of an increase in the amount of taxes levied on such property. Such amounts shall not be increased based solely upon notification of an increase in the valuation for assessment of such property.
# (3)
Any person willfully failing to make a refund in violation of subsection (1) of this section for any whole month or more shall be liable for interest at a rate of six percent per annum and an equal amount as penalty. Source: L. 73: p. 1435, § 1. C.R.S. 1963: § 137-1-22. L. 74: (1) amended, p. 427, § 1, effective March 19. L. 79: (1) amended, p. 1414, § 10, effective January 1, 1980. L. 80: (1) amended, p. 797, § 62, effective June 5. L. 87: (2.5) added, p. 1389, § 11, effective June 20. L. 93: (1) amended, p. 346 § 2, effective April 12. L. 98: (1) amended, p. 828, § 51, effective August 5. L. 2015: (1) amended, (SB 15-142), ch. 29, p. 71, § 1, effective March 18.
Amendment history
L. 73: p. 1435, § 1. C.R.S. 1963: § 137-1-22. L. 74: (1) amended, p. 427, § 1, effective March 19. L. 79: (1) amended, p. 1414, § 10, effective January 1, 1980. L. 80: (1) amended, p. 797, § 62, effective June 5. L. 87: (2.5) added, p. 1389, § 11, effective June 20. L. 93: (1) amended, p. 346 § 2, effective April 12. L. 98: (1) amended, p. 828, § 51, effective August 5. L. 2015: (1) amended, (SB 15-142), ch. 29, p. 71, § 1, effective March 18.
Source: view the official text
In this article (31 sections)
- 39-1-101 · Legislative declaration
- 39-1-101.5 · Legislative declaration - taxpayer rights
- 39-1-102 · Definitions
- 39-1-103 · Actual value determined - when - legislative declaration
- 39-1-103.5 · Restrictions on information
- 39-1-104 · Valuation for assessment - definitions
- 39-1-104.2 · Residential real property - valuation for assessment -…
- 39-1-104.5 · Severed mineral interest - placement on tax roll
- 39-1-104.6 · Qualified-senior primary residence real property -…
- 39-1-105 · Assessment date
- 39-1-105.5 · Reappraisal ordered based on valuation for assessment…
- 39-1-106 · Partial interests not subject to separate tax
- 39-1-107 · Tax liens
- 39-1-108 · Payment of taxes - grantor and grantee
- 39-1-109 · Taxes paid by mortgagee - effect
- 39-1-110 · Notice - formation of political subdivision - boundary…
- 39-1-111 · Taxes levied by board of county commissioners
- 39-1-111.5 · Temporary property tax credits and temporary mill levy…
- 39-1-112 · Taxes available - when
- 39-1-113 · Abatement and refund of taxes
- 39-1-114 · Who may administer oath
- 39-1-115 · Records prima facie evidence
- 39-1-116 · Penalty for divulging confidential information
- 39-1-117 · Prior actions not affected
- 39-1-118 · Repeal of law levying state property tax - disposition of…
- 39-1-119 · Funds held for payment of taxes - refund - reduction and…
- 39-1-119.5 · Funds collected by lessors of personal property for…
- 39-1-120 · Filing - when deemed to have been made
- 39-1-121 · Expression of rate of property taxation in dollars per…
- 39-1-124 · Mailing required to be sent by county assessor or treasurer…
- 39-1-125 · Tax and levy rate information publicly available