Colorado Code § 39-5-117

Property improvements destroyed after assessment date. Whenever any improvements are destroyed or demolished subsequent to the assessment date in any year, it is the duty of the owner thereof or the owner's agent to promptly notify the assessor of such destruction or demolition and the date upon which the same occurred

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In all such cases, such
improvements shall be valued by the assessor at the proportion of its valuation for the full
calendar year that the period of time in such year prior to its destruction or demolition bears to
the full calendar year. Failure of the owner thereof or of the owner's agent to so notify the
assessor prior to the date taxes are levied shall be considered a waiver, and no proportionate
valuation by the assessor shall then be required.

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