- Business Personal Property Information
Business Personal Property Information
Business personal property must be reported to the Assessor’s Office every year by April 15 (the deadline in 2020 was extended to June 15) so that the Assessor’s Office can value it for taxation purposes.
Remember, the Assessor’s Office does not set taxes, but rather determines the value of the property such that taxes can be applied. According to § 39-1-102(11), C.R.S., personal property includes “everything that is the subject of ownership and that is not included within the term ‘real property.’” In terms of business personal property, this means you need to report all machinery, equipment, furniture, and anything else related to your commercial or industrial operation every year. This requirement applies to any business whose personal property owned within the county exceeds $7,700.
What does not need to be reported as business personal property?
Some items that seem to be included in the above definition of business personal property actually do not need to be reported, including:
- Stand-alone equipment with an initial cost of less than $350 (stand-alone means that it does not have to be used in conjunction with any other item)
Filing a Business Personal Property Declaration Schedule
In order to file a Business Personal Property Declaration, please follow the steps below.
PLEASE NOTE - THE LAST DAY FOR A LATE (NO PENALTY IN 2020) SUBMISSION ON 2020 DECLARATIONS IS 9/1/20.
- Download and fill out a Business Personal Property Blank Declaration and, if needed, a Business Personal Property Schedule Spreadsheet.
- Click on this link to open the secure email form from which you will submit your declaration. A new tab will open that will look like the screenshot included below these instructions. Remember to come back to these instructions to correctly submit the email.
- Enter your email address in the “From” box.
- Attach your declaration file(s) by clicking on “Add Attachment.”
- Enter the characters on the screen for security.
- Click “Send.”
What if I can’t file a schedule by April 15?
To request an extension for filing, send the Assessor’s Office your written request AND $20 for a 10-day extension or $40 for a 20-day extension. Your request and payment must be received by April 15 (extended to June 15 in 2020).
A late filing will result in a fee of $50 or 15% of the taxes due, whichever amount is less. Please note that we do not plan to apply any late filing fees for 2020.
Best Information Available Valuation
If the Assessor’s Office does not receive a Business Personal Property Declaration Schedule, it will conduct a best information available valuation. This valuation will be based on the assets of comparable businesses. If the value of business personal property is determined in this way, the only method that will be available to you to appeal the valuation is an Assessor level protest, and the valuation may not be appealed through the abatement process (Property Tax Administrator v. Production Geophysical, 860 P.2d 514 (Colo. 1993)). In addition, any property discovered and valued later could result in a penalty fee of up to 25% of the assessed value of the property.
Business Personal Property Valuation Protests
In order to learn more about protesting your business personal property valuation, please visit our Business Personal Property Appeals page.
Change Business Personal Property Address
To change your address for business personal property, please use our Business Personal Property Address Change form.