Colorado § 39-3-118.5 - Business personal property - exemption - exemption authority for local governments.
Full text of Colorado Colorado Revised Statutes § 39-3-118.5 — Business personal property - exemption - exemption authority for local governments., with citation guidance and answers to common questions.
§ 39-3-118.5. Business personal property - exemption - exemption authority for local governments.
(1) For property tax years commencing on and after January 1, 1996, business personal property shall be exempt from the levy and collection of property tax until such business personal property is first used in the business after acquisition.
(2) For the property tax year commencing on January 1, 2021, any county, municipality, or special district may exempt from its levy and collection of property tax up to one hundred percent of any business personal property.
Source: L. 95: Entire section added, p. 1213, § 1, effective May 31. L. 2021: Entire section amended, (SB 21-130), ch. 75, p. 299, § 2, effective April 29.
Cross references: For the legislative declaration in SB 21-130, see section 1 of chapter 75, Session Laws of Colorado 2021.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 39-3-118.5
What does Colorado Revised Statutes § 39-3-118.5 cover?
Section 39-3-118.5 ("Business personal property - exemption - exemption authority for local governments.") 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 § 39-3-118.5?
A common citation format is "Colorado Revised Statutes § 39-3-118.5" (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 § 39-3-118.5 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.