(1) As used in this section, unless the context otherwise requires: (a) "Personal property" means personal property which: (I) Is not subject to ad valorem tax pursuant to section 39-3-119, C.R.S., or specific ownership tax pursuant to section 42-3-107, C.R.S.; and (II) The owner thereof is regularly engaged in the sale, rental, or both sale and rental of such personal property and rents such personal property to another individual or corporation, in which the owner does not have any interest whatsoever, for one or more periods of thirty days or less in any calendar year. (b) "Personal property" does not include any residential real property as defined for property tax purposes in section 39-1-102 (14.5), C.R.S. (2) (a) In accordance with the procedures set forth in this section, the board of county commissioners of each county may levy a rental tax on personal property which is rented in such county. The rate of any rental tax levied pursuant to this section shall be not more than one percent of the amount of the rental payment paid or charged to persons who rent such personal property. (b) The board of county commissioners may, by resolution, approve a rental tax on personal property which is rented in the county. Such resolution shall contain a description of the rental tax on personal property which is rented, state the rate of rental tax to be levied, and specify the effective date of the resolution. (c) (I) [Editor's note: This version of subsection (2)(c)(I) is effective until July 1, 2025.] Any rental tax levied pursuant to the provisions of this section shall be collected, administered, and enforced, to the extent feasible, pursuant to section 29-2-106, C.R.S. (c) (I) [Editor's note: This version of subsection (2)(c)(I) is effective July 1, 2025.] Any rental tax levied pursuant to the provisions of this section shall be collected, administered, and enforced as specified in part 2 of article 2 of title 29. (II) The department of revenue shall perform, on an annual basis, an analysis to determine the net incremental cost of such collection, administration, and enforcement. The department of revenue shall retain only the amount determined to be necessary by the cost analysis, and in no event shall that amount exceed three and one-third percent of the amount collected. Such amount retained shall be transmitted to the state treasurer, who shall credit the same to the general fund, and such amount shall be subject to appropriations by the general assembly for the net incremental cost of such collection, administration, and enforcement. (3) (a) During the month of January of each year, the county treasurer of any county which levies a rental tax pursuant to this section shall calculate, for such county and each political subdivision located within the boundaries of such county, the percentage which the dollar amount of ad valorem taxes levied by each such political entity is of the aggregate dollar amount of ad valorem taxes levied in such county during the preceding calendar year. The percentages so calculated shall be used for the apportionment between the county itself and each political subdivision located within such county of the aggregate amount of rental tax revenue to be distributed by the department of revenue to the county treasurer during the current calendar year. (b) All rental taxes collected by the county treasurer shall be apportioned, credited, and distributed to the county and to each political subdivision located within such county on the tenth day of each month for all rental taxes collected during the immediately preceding month.
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