- 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 as of January 1 of each year, so 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.’”
This means you need to report all machinery, equipment, computers, copiers, furniture, phones, security systems, business signs, and anything else related to your commercial or industrial operation every year. An exemption is allowed if the total actual value of taxpayer's personal property on a “per county” basis is equal to or less than $52,000. The statute does not exempt the first $52,000 of each personal property taxpayer's schedule.
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:
- Software – listed separately and not combined with equipment
- 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)
- Registered business vehicles and trailers
- Special Mobile machinery (SMM) and self-propelled construction equipment designated as Class F personal property and is registered for annual specific ownership taxation in lieu of ad valorem taxation as provided in §§ 42-3-103(1) and 106(1), C.R.S.
- Leased equipment
- Inventory for resale
Filing a Business Personal Property Declaration Schedule
Online declaration filing is currently closed. During filing season, you may use the following information to file online, and a link to file will be posted on our website.
Our online filing uses eGov - the standard for online filing with over 7,800 government agencies served. Registration is required which will require you to create a password. An access code is also required and can be found on your declaration form above your schedule/account number.
Our custom Excel spreadsheet will guide first time filers through the listing of your business assets.
While we do encourage you to file online for ease and consistency, you may still file by paper.
Filing a Business Personal Property Appeal
You may file your business personal property appeal online using this link or by clicking the button below. For more information on business personal property appeals and other options for filing, please visit our Appealing Business Personal Property Valuation page.
Frequently asked questions on business personal property
What is the assessment rate for business personal property?
- In Colorado, the assessor must determine the assessed values. Assessed values are calculated using a percentage, i.e., an assessment rate. The property's actual value multiplied by the appropriate assessment rate results in assessed value.
The assessment rate for most personal property is 29 percent as required by §39-1-104(1), C.R.S. However, for tax year 2023, the personal property assessment rate (except for renewable energy property) is temporarily reduced to 27.9 percent. For tax years 2022, 2023, and 2024, renewable energy personal property valued under §39-5-104.7, C.R.S, is assessed at 26.4 percent.
What amount of business personal property is subject to exemption?
- Defined by § 39-1-102(11), C.R.S. and exempted under § 39-3-119.5, C.R.S. Exemption of personal property equal to or less than $52,000 in total actual value is provided for in § 39-3-119.5, C.R.S. An exemption is allowed and should only be applied if the total actual value of taxpayer's personal property per county is equal to or less than $52,000. The statute does not exempt the first $52,000 of each personal property taxpayer's schedule.
- 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).
Taxable or exempt? Below are a few examples, please refer to C.R.S. 39-3-119 for additional guidance.
- All property in the state is taxable unless specifically exempt by the Colorado Constitution.
- Taxable personal property that is fully depreciated or expensed by a business for income tax purposes is still taxable to the owner.
- Personal property acquired for no or low monetary cost, to the owner (e.g., trades, gifts) still has value. The reasonable cost of comparable personal property; along with the reasonable costs of installation, sales/use tax, and freight to the point of use are to be used to develop a reasonable value in use for the personal property.
- Licensed motor vehicles that are registered with the county.
- Leased equipment, as the leasing company reports this information.
- Inventories of merchandise, materials or supplies for resale by the business.
- Intangible personal property such as stocks and bonds, copyrights, patents, trademarks, and other special privileges, franchises, contract rights and obligations.
- Computer operating software was exempted in 1990.
- Consumable personal property with an economic life of one year or less.
- Assembled personal property with an installed cost including freight, installation, taxes, and fees totaling $350 or less. This threshold should not be applied to the personal property’s or personal property system’s unassembled, individual component parts or separate accessories.
What happens if I cannot file by April 15?
- Taxpayers may request an extension of 10 or 20 days for filing their personal property declaration schedule. Requests for extension must be made in writing and accompanied with a check made payable to the Jefferson County Assessor prior to the April 15 filing deadline. The fee for extension is $20 for 10 days or $40 for 20 days, regardless of the number of schedules to be filed.
What happens if I do not file my annual declaration?
- Pursuant to § 39-5-116, C.R.S., when the taxpayer fails to return a declaration schedule by April 15th and if no request for extension was filed, or if the declaration is submitted after the last day of the extension period, a late filing penalty of 15% of the taxes due or $50.00, whichever is less, is assessed.
- If you do not file your declaration schedule, we are required by statute to value the personal property; this is known as a Best Information Available assessment (BIA). Any valuation determined by BIA generally is not eligible for adjustment through the abatement process, so it is in the taxpayer’s best interest to file a declaration. In addition, any property discovered and valued later could result in a penalty fee of up to 25% of the assessed value of the personal property.
How is business personal property tax calculated?
- Personal property is valued according to its use and condition as of January 1 of each year using the State of Colorado tables. This determines the appraised value or “Current Year Value” on your tax bill, which is then multiplied by the assessment rate to get the assessed value. The assessed value is then multiplied by the mill levy for the location of your business to get the amount of tax due.
What happens if I do not agree with my Notice of Value?
- Notice of Value postcards are mailed no later than June 15 and are viewable on our website under the property record search. You can file a timely appeal until June 30 online, by mail, or by drop box at the County. Your appeal rights are listed on the notice and are time-sensitive. If you miss the deadline, you may file for an abatement through the Board of County Commissioners. Abatements are used to correct valuations for the prior two-year period from the current date and cannot be utilized if you previously appealed for the same tax year. For additional information on appeals please visit our Business Personal Property Appeals page.
How do I update my business information?
- You can update your information by email or at any time using our change form, Business Personal Property Address Change form.