Business Personal Property
New exemption for 2023
Please note new exemption for 2023: Only those with Personal Property greater than $52,000 need to file declarations.
In addition to real property valuations, the assessor is required by Colorado State Statutes to value all business personal property for taxation purposes. Business personal property includes; machinery, equipment and other articles related to the business of a commercial or industrial operation rather than components of fixture systems that are for the proper operation of the improvements. All personal property is taxable in Colorado unless specifically exempt by the Colorado Constitution.
The owner of taxable personal property as of Jan. 1 must file a declaration schedule if the total actual value (market value) of all personal property is greater than $52,000 per county. All personal property such as a business/organization's equipment, not exempt by law, must be listed on the schedule
The assessor mails the declaration schedules as soon after January 1 as possible. The declaration schedule must be recieved by the assessor by the April 15 deadline every year. Failure to receive a declaration schedule does not relieve the taxpayer of the requirement to file.
We will accept an emailed Excel file of your asset list along with an attached signed declaration in the email. In your Excel file please make sure you have the following asset information: Complete Asset List; Asset Description; Cost (including tax, freight and installation) and Year Purchased. If you wish to participate in this option please email your Excel file and declaration to: firstname.lastname@example.org
Change in ownership or business
If you no longer use the declared equipment to do business in the county, please inform the assessor office so that we can ensure the equipment is properly deleted and not evaluated for taxation. If you sell the property, please indicate the date of the sale and to where it was transferred. Failing to do so may effect your right to protest the valuation.
The deadline may be extended if, prior to April 15, the assessor receives a written request with payment. $20 for a ten-day extension or $40 for a 20-day extension. The extension applies to all personal property schedules (single or multiple) that a person is required to file in the county.
The late filing penalty is $50 or 15 percent of the taxes due, whichever is less. If the owner of the taxable personal property fails to file a schedule, the assessor may determine a valuation on the best information available and may add a penalty of up to 25 percent of the assessed value of the undeclared omitted property.