Colorado Code § 39-3-113

Residential property - while being constructed - charitable purposes - exemption - limitations. Property, real and personal, which is owned and used solely and exclusively for strictly charitable purposes and not for private gain or corporate profit shall be exempt from the levy and collection of property tax if such property is residential and consists of land and one or more structures which are in the process of being constructed if such property is irrevocably committed to residential use in accordance with the requirements set forth in section 39-3-109
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(1) or 39-3-112 (2) and (3). The exemption provided by this section shall terminate on
the assessment date subsequent to the issuance of a permit or other authority to occupy such
structure or structures. Thereafter, such property shall be subject to the provisions of sections 39-
3-109 and 39-3-112. No requirement shall be imposed that use of property which otherwise is
exempt pursuant to the provisions of this section shall benefit people of Colorado in order to
qualify for said exemption. Any exemption claimed pursuant to the provisions of this section
shall comply with the provisions of section 39-2-117.

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