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Colorado law states that January 1st is the assessment date. The owner of the property (as of January 1st) is considered the owner for that entire assessment year. If a property changes ownership during the year it is up to the buyer and seller to prorate the taxes.
Neither the Assessor nor the Treasurer is involved in or responsible for this process. It is also the responsibility of the taxpayer to notify the Assessor and the Treasurer when a business changes ownership. If a business closes after the January 1st assessment date, the taxpayer is also responsible for the entire year and for notifying the Assessor and Treasurer of the closure.
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Business Personal Property is everything which is not included in the term "real property." Business Personal Property includes furniture, equipment, machinery, security devices, signs and personal effects not otherwise exempt by law. Personal Property is defined in § 39-1-102(11), Colorado Revised Statutes.
For more information, view the Property Valuation and Taxation for Business and Industry (PDF) (a brochure provided by the State of Colorado Division of Property Taxation).
Business Personal Property is taxable if it is used for the production of income (that is: used in a business, organization, or rental property) at any time during the year, unless specifically exempted from taxation.
The County Assessor’s duty is to value personal property for property tax purposes. The property owner files an annual Declaration Schedule with the Assessor, listing information regarding the Business Personal Property. This allows the Assessor to estimate the actual value of the property. Actual Value (Market Value) is estimated by following the guidelines and procedures set forth by the State of Colorado.
For more information visit the Colorado Division of Property Taxation Personal Property page.
The Assessor multiplies the actual value of the personal property by the assessment rate of 29% to arrive at an assessed value. The assessed value is then multiplied by a tax rate (mill levy) to calculate the taxes for the property.
Proration is not generally allowed. Business Personal Property owned on the assessment date of January 1 is taxable for that entire year, even if the status of the property changes or the property is destroyed, transferred or removed from the state during the year.
Owners of Business Personal Property must declare the taxable property they own to the Assessor.
Owners of taxable Business Personal Property such as equipment, machinery, furniture, security devices, signs and personal effects not otherwise exempt by law, if the total actual value (market value) of the personal property is greater than $7,700.
Note: market value as approximated by an appraisal, using state guidelines and procedures.
The Assessor mails Declaration Schedules on or before January 1, and taxpayers must return them to the Assessor by April 15. It is the responsibility of the business owner to obtain and file a Declaration Schedule, if one is not received in the mail.
Effective January 1, 2020, if the total actual value (market value) of your Business Personal Property located in Elbert County is $7,700 or less, you are not required to file this form.
If an owner’s Business Personal Property filed in Elbert County exceeds a total value of $7,700, all the property is taxable including the initial $7,700, also, in the event additional assets are put into use which increases the total actual value of the personal property to an amount greater than $7,700, the owner must again file a declaration schedule.
To avoid a possible misunderstanding regarding whether a Declaration Schedule must be filed, new businesses, first time filers, and taxpayers who are unsure as to the actual value of their personal property are urged to contact the Assessor by email or by calling 303-621-3101 and provide an itemized listing of their Business Personal Property.