- Business Personal Property Information
Business Personal Property Information
Business personal property must be reported to the Assessor’s Office every year by April 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 $7,900.
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
You can file online or via secure email on this page on our website during filing time. Online filing usually becomes available sometime around February.
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.
A late filing will result in a fee of $50 or 15% of the taxes due, whichever amount is less.
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.