Assessor's Office reminds taxpayers to report taxable personal property
All individuals or businesses owning taxable personal property with a total actual value exceeding $52,000 (per owner, per county) on January 1, 2023, must report such property to the Assessor’s Office before April 17, 2023.
All furniture and appliances used in furnished residential rental property are taxable, and all furniture, machinery, and equipment used for commercial, industrial, and natural resource operations are taxable. Taxable personal property includes furnishings used to produce income and equipment not licensed by the County Clerk and Recorder.
Most businesses will receive a declaration form in the mail; however, those who do not receive the form are still required to file with the Assessor's Office.
If taxpayers have any questions or require a declaration schedule form, they may contact the Assessor's Office via email at email@example.com or by phone at (970) 244-1610.
Taxpayers are encouraged to submit their asset list via email, preferably as an Excel file, along with a signed declaration form.
Non-filers will face a penalty of $50 or 15% of the tax due, whichever is less, per CRS 39-5-116. Non-filers may receive a Best Information Available assessment. Taxpayers may request extensions by contacting the Assessor's Office before April 17, 2023. Not disclosing fully may lead to a penalty of either 15% of the tax owed or $50 for filing late and up to 25% of the assessed value of the property not declared.
Certain property is exempt from reporting, including all livestock, farm machinery, and merchandise offered for sale. Furnishings not used to produce income within a private home are exempt from reporting for taxation purposes.
It is important to notify the Assessor’s Office of any business sales or location changes. Failure to do so will result in a Best Information Available assessment to the owner and location on record.