Personal Property is generally known as portable or moveable items that
are used for income production. Examples would be office furniture,
business equipment, restaurant equipment and fixtures, and any
other item used to operate a business. All personal property
is taxable unless it is specifically exempt by law.
Exemptions include, but are not limited to: inventories for resale, materials and supplies consumed, agricultural equipment used on the farm or ranch to produce agricultural products, ag and livestock products, and livestock. Except for public utility valuation, intangible personal property, (a right rather than a physical object), are also exempt from property taxation in Colorado. Examples of intangible personal property are: trademarks, patents, copyrights, stocks, and bonds.
The County Assessor determines the actual value of personal property. By law, a Declaration Schedule must be filed with the Assessor annually. Failure to file by April 15th, will result in a 15% or $50.00 fine, whichever is less. Failure to make a complete disclosure of personal property will result in an additional penalty of 25% of the value of the undisclosed property. Personal Property with an actual value of less than $7,000.00 will not be placed on the tax roll; however, a Declaration Schedule must still be filed with the Assessor. Please contact the Assessor at (970) 498-7050 for further information.
Taxes are assessed beginning January 1 for the full year. Therefore,
taxes for the full tax year are due immediately upon the closing
of a business. To avoid substantial penalties
and the issuance of a Distraint Warrant, please notify the Treasurer's
Office before removing any equipment from the business.
Per Colorado Revised Statute 39-10-113: (1) (a) If at any time after the lien of general taxes has attached, the Treasurer believes for any reason that any taxable personal property may be removed from the County or State of Colorado or may be dissipated or distributed, so that taxes to be levied for the current year may not be collectable, he may at once proceed to collect such taxes and, if he deems necessary, may distrain, seize, and sell such personal property to enforce collection. Upon his request, the Assessor shall certify to him the valuation for assessment of such personal property for the current year. If the levy for the current year has not been fixed and made, the levy for the previous year shall be used to determine the amount of taxes due.
Taxes are not due at the time of an ownership
transfer. However, personal property taxes may be collected in advance
(although not required). Please contact the Treasurer's Office
at (970) 498-7036, or via email
for an estimate of the current year taxes based on the valuation
certified by the Assessor
For further information on Personal Property taxation and collection, please contact the Treasurer's Office at (970) 498-7036, or via email.