Code of Colorado Regulations
700 - Department of Regulatory Agencies
752 - Division of Conservation
4 CCR 752-1 - CONSERVATION EASEMENTS
Chapter 3 - CONSERVATION EASEMENT DONATIONS MADE ON OR AFTER MAY 29, 2018

Universal Citation: 700 CO Code Regs 3

Current through Register Vol. 47, No. 5, March 10, 2024

Statement of Basis and Purpose

Pursuant to section 12-15-104(7), the Division shall promulgate rules to effectuate the duties of the commission pursuant to article 4 of title 24. Such rules shall specifically address the following:

(d) The adoption of best practices, processes, and procedures used by other entities that regularly review conservation easement transactions, including a practice, process, or procedure deeming qualified conservation easement appraisals approved by these entities based on their independent reviews as credible for purposes of the conservation easement tax credit.

3.1 Tax credit application containing an appraisal that was prepared pursuant to section 12-15-106(3)(b)(I) -(III).

If another entity that regularly reviews conservation easement transactions has approved a qualified appraisal with a report date on or after May 29, 2018 for use by the other entity, the Director shall deem the appraisal as credible for purposes of the conservation easement tax credit if all of the following conditions are satisfied:

A. The qualified appraisal has been independently reviewed by a real estate appraiser licensed in Colorado as a certified general appraiser who, as of the effective date of the review:
1. is competent to appraise a conservation easement for the income tax purposes of its donor; and

2. is competent to appraise the type of property appraised in the appraisal under review; and

3. is in good standing with the Colorado Board of Real Estate Appraisers.

B. The appraisal review was prepared in compliance with the substance and principles of the uniform standards of professional appraisal practice.

C. The other entity certifies in writing to the Division that:
1. it approved the appraisal for its own use; and

2. the reviewed appraisal was a qualified appraisal made for the income tax purposes of the donor of the easement; and

3. the independent review obtained by the entity for its use was prepared by a real estate appraiser licensed in Colorado as a certified general appraiser who, as of the date of the review:
a. was competent to appraise a conservation easement for the income tax purposes of its donor; and

b. was competent to appraise the type of property appraised in the appraisal under review; and

c. was in good standing with the Colorado Board of Real Estate Appraisers.

D. The other entity provides the Division with a paper or electronic copy of the signed independent appraisal review it relied on as the basis for its approval of the qualified appraisal that was reviewed.

Disclaimer: These regulations may not be the most recent version. Colorado may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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