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Form 8825 online Colorado Springs Colorado: What You Should Know

Residential Properties. Residential Real Estate Tax Exemption Residential Property Tax Exemption. (a) The owner of any residential property, who is a nonresident of the State of Colorado for 12 consecutive months, may file with the Colorado Department of Revenue a certificate showing evidence of residency. Such a certificate shall be filed at such taxpayer's own expense with the State Tax Commission. (d) Notwithstanding any other law, the income of any taxable taxpayer shall not be subject to tax unless that taxpayer is a resident or domiciled  of this State, and the income is subject to Colorado tax. (1) For all purposes, where a taxpayer has paid any tax on real property other than the real property taxable under § 8-25-120, the real property shall be deemed to be a taxable personal property and shall be  subject to the real estate taxes provided in this article.� The cost of operating and maintaining a taxable personal property and all costs and expenses of the property including, without limitation, interest charges, legal fees, insurance, repairs, replacement of damaged parts or appliances or repairs or alterations thereto, installation costs or maintenance fees and depreciation shall be the taxpayer's burden. All expenses as may be required to obtain a certificate of actual residency and obtain a certificate of residency shall be paid directly by the taxpayer. (2) The tax paid under this article may not be refunded to the taxpayer. (3) Any taxpayer who has paid tax on the real property on which there is the best qualified use, who wishes to reestablish the best qualified use of the real property during any period for which the real property is not subject to tax, may file a tax return for such period with his taxes for the earlier period. (b) For purposes of this article (§ 16-9-102), an annual rental income is an income derived from rental of real property. (1)(A) The annual rental income deduction for all taxable years beginning in 1994 and ending in 1996 shall not exceed the rent paid for residential rental property in each calendar year. The annual rental income deduction for taxable years ending before December 31, 1996, shall not exceed the total rent paid for the taxable year in which the real property was transferred to the taxpayer on December 31, 1996.

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