After the repeal of any law levying a general property tax for the state or for state purposes takes effect, delinquent taxes collected by county treasurers as a result of the levy imposed by any such repealed law shall, when received by the state treasurer, be credited to the capital construction fund.
Source: L. 71: p. 1243, � 1. C.R.S. 1963: � 137-1-21.
Cross references: For the creation of and provisions relating to the capital construction fund, see � 24-75-302.
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.
39-1-119.5. Funds collected by lessors of personal property for payments of taxes - refund - damages. (1) If a personal property lessee is required to make payment to a lessor pursuant to the terms of any contract or other agreement entered into between the lessee and lessor for the payment of personal property tax due on or after January 1, 2007, those payments shall be accounted for upon the termination of the lease entered into between the lessee and lessor. If it is determined upon this accounting that a refund is due to the lessee for overpayment of personal property taxes, the lessor shall make such refund to the lessee on or before August 31 of the year in which the tax is due.
(2) The lessor shall base the accounting and refund on the actual property tax liability due in each year of the lease period.
(3) Any lessor who willfully fails to make a refund in violation of subsection (1) of this section shall be liable to the lessee, in a civil action, in an amount equal to the sum of three times the amount of actual damages sustained and in the case of any successful action to enforce said liability, the costs of the action together with reasonable attorney fees as determined by the court.
(4) Any action brought under this section shall be commenced within three years after the date on which the failure to refund occurred or within three years after the lessee discovered or in the exercise of reasonable diligence should have discovered the lessor's failure to refund. The period of limitation provided in this section may be extended for a period of one year if the lessee proves that failure to timely commence the action was caused by the lessor engaging in conduct calculated to induce the lessee to refrain from or postpone the commencement of the action.
Source: L. 2006: Entire section added, p. 311, � 1, effective April 4.