Personal Property

  1. What is Business Personal Property?
  2. What Business Personal Property is taxable?
  3. What is the assessment date?
  4. How is Business Personal Property valued?
  5. What is required by law?
  6. Who must file, and when?
View All

Business Property Declaration Schedule and Filing

The assessor is required by § 39-5-101, C.R.S., to list all real and personal property located in the county on the assessment date.

Pursuant to 39-3-119.5, C.R.S., if the total actual value of your Personal Property in the county is $52,000 or less, it is exempt from taxation. In order to assist the assessor in determining whether your personal property qualifies for the exemption, please provide a detailed listing of your furnishings, fixtures and equipment with the year acquired, original installed costs, and month/year placed in service. The assessor will then apply the required factors to make a final determination of value and notify you accordingly.

Declaration Schedules must list Business Personal Property in detail. This includes reporting the deletion of previously reported items that are no longer in use.

Any owner of Business Personal Property who fails to file a Declaration Schedule by April 17 (see note regarding being deemed timely), or by the end of the extension time requested, will be fined $50 or 15% of the taxes due, whichever is the lesser amount.

In addition, if a Declaration Schedule is not received, the Assessor shall estimate a value for the property value according to the Best Information Available. Failure to make a complete disclosure of personal property will result in an additional penalty of 25% of the undisclosed property.

Note

Business Personal Property declarations will be deemed "timely" if received and/or postmarked by April 17th.

Confidential Documents

All Business Personal Property Declaration Schedules and enclosed forms returned to the Assessor are considered private, confidential documents by law.

Types of Business Personal Property

All Business Personal Property used in a business, organization or rental property at any time during the year must be reported to the Assessor for Business Personal Property assessment. The following is a partial list of typical items which must be reported:

  • Machinery, equipment, and other articles related to the business or a commercial or industrial operation, rather than components of fixture systems that are required for the proper operation of the improvements
  • Computer equipment (Computer software is exempt from personal property tax)
  • Leasehold improvements: certain leasehold improvements are considered personal property. (Property owners report leasehold improvements on the Declaration Schedule and the Assessor must decide whether these improvements are personal property, as opposed to real property improvements)
  • Signs: any type of signage representing a business, organization, or property

Note

Business Personal Property Declaration Schedules may file electronically: assessor@elbertcounty-co.gov

Helpful Links & Documents