Colorado § 31-12-503 - Future levies - prepayment.
Full text of Colorado Colorado Revised Statutes § 31-12-503 — Future levies - prepayment., with citation guidance and answers to common questions.
§ 31-12-503. Future levies - prepayment.
When the governing body of such municipality levies a tax upon the property within such municipality for the purpose of paying such indebtedness or any part thereof or interest thereon, such governing body may levy a tax at the same rate and for the same purpose on the land so disconnected. The county treasurer shall pay over to such municipality all moneys collected by the treasurer on account of such tax, to be applied only to the payment of such indebtedness. In case the owner of any land so disconnected pays off and discharges a portion of such indebtedness equal in amount to the same proportion of the indebtedness which the valuation for assessment of the land bears to the entire valuation for assessment of all the property subject to taxation for the payment of such indebtedness, calculated according to the last assessment previous to such payment, said land is exempted from further taxation to pay such indebtedness. Upon such payment being made, the canceled bonds or other evidences of payment of such portion of said indebtedness must be deposited with the treasurer of such municipality, and a certificate shall be given by the treasurer stating that such payment has been made.
Source: L. 75: Entire title R&RE, p. 1101, § 1, effective July 1. L. 2016: Entire part amended, (HB 16-1272), ch. 82, p. 210, § 1, effective August 10.
Editor's note: This section is similar to former § 31-8-603 as it existed prior to 1975.
PART 6
DISCONNECTION BY COURT DECREE - STATUTORY CITIES
Frequently Asked Questions About Colorado § 31-12-503
What does Colorado Revised Statutes § 31-12-503 cover?
Section 31-12-503 ("Future levies - prepayment.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 31-12-503?
A common citation format is "Colorado Revised Statutes § 31-12-503" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 31-12-503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.