In addition to real property valuations, the assessor is required by Colorado State Statutes to value all business personal property for taxation purposes. Business personal property includes machinery, equipment and other articles related to the business of a commercial or industrial operation rather than components of fixture systems that are required for the proper operation of the improvements. All personal property is taxable in Colorado unless specifically exempt by the Colorado Constitution.
The owner of taxable personal property as of Jan. 1 must file a declaration schedule if the total actual value (market value) of all the personal property is greater than $7,300 per county. All personal property such as a business/organization’s equipment, not exempt by law, must be listed on the schedule.
The assessor mails the declaration schedules as soon after Jan. 1 as possible. If the owner does not receive a declaration schedule in the mail, one may be obtained from the Assessor’s Office. The declaration schedule must be received by the assessor by the April 15 deadline every year. Failure to receive a declaration schedule does not relieve the taxpayer of the requirement to file.
The deadline for filing may be extended if, prior to April 15, the assessor receives a written request and $20 for a ten-day extension or $40 for a 20-day extension. The extension applies to all personal property schedules (single or multiple) that a person is required to file in the county.
The late filing penalty is $50 or 15 percent of the taxes due, whichever is less. If the owner of taxable personal property fails to file a schedule, the assessor may determine a valuation on the best information available and may add a penalty of up to 25 percent of assessed value of the undeclared omitted property.