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Notices of Value (NOV)
Personal property is defined as all property not included in real property. To be more specific, personal property includes all items such as machinery, equipment, and items related to the business use of a commercial or industrial operation. It does not include fixtures, which are items that are now attached to the real estate, such as heating and air conditioning units, plumbing, lighting, etc.
Since the Assessor is required by law to list all personal property in the County on the assessment date, shortly after January 1, the Assessor mails out a Personal Property Declaration Schedule to taxpayers who own more than $7700 in total actual value.
The following types of property are exempt from taxation:
• Non-producing unpatented mining claims
• Household furnishings not used to produce income at any time
• Personal effects not used to produce income at any time
• Inventories of merchandise, materials and supplies that are held by a business primarily for sale or consumption by the business
• Agricultural and livestock products
• Agricultural equipment used on a farm or ranch in the production of agricultural products.
• Intangible personal property not owned by a stated assessed public utility, e.g., stocks and bonds; copyrights, patents, trademarks, and other special privileges; franchises; contract rights and obligations; and operating software
• Intangible personal property, such as stocks and bonds
• Computer software
• Personal property typically rented for 30 days or less is exempt.
Of course, other forms of personal property owned by public entities, charitable organizations, religious organizations, as wells as certain motorized vehicles and trailers are not subject to personal property tax.
Please complete a Personal Property Declaration Schedule for all property owned as of January 1 of the current year and return them to the Assessor by April 15. Extensions for 10 or 20 days may be requested, but the request must be received by April 15. There is a fee of $2 per day for the number of days requested.
If you have not received a Personal Property Declarations by February 01, please download forms here:
Personal Property is valued at 29% of the actual value of the property based on the cost approach, industrial market approach, and the income approach, § 39-1-103(5)(a), C.R.S.
Please note that these documents are confidential and are not subject to public disclosure.
The penalty for failure to file a report is 15% of taxes due or $50, whichever is less. There are other penalties for failure to disclose or falsifying reports.
Notices of Value - Personal Property
Notices of Value for personal property are typically mailed on June 15; however, if June 15 falls on a weekend, it would be the previous Friday. The Assessor hears protests between June 15 (or the previous Friday) and June 30. To protest, contact the Assessor in person or in writing, but written requests must be postmarked by June 30. If you choose to be represented by an agent, your agent must have a letter from you appointing him/her as your agent. The Assessor must respond with a Notice of Determination by July 10 and the notice must include justification.
If the Assessor denies your personal property valuation protest, you may appeal the Assessor’s decision to the County Board of Equalization (CBOE) by filing an appeal on or before July 20. The hearing will be conducted by the CBOE or an appointed referee acting on its behalf.
If the CBOE denies the personal property valuation protest, you may appeal the CBOE’s decision to the Board of Assessment Appeals (BAA) or request binding arbitration. If the BAA denies the personal property valuation protest, you may appeal the BAA’s decision to the Court of Appeals. No appeal of binding arbitration decisions is permitted.
If the Court of Appeals denies the abatement, you may appeal the Court’s decision to the Colorado Supreme Court. If you do not protest your personal property valuation, you may request an abatement, which may be granted in the case of overvaluation. See Abatements for more information.
Penalty for Late Filing
A late filing penalty may be assessed for failure to file a schedule and/or failure to fully and completely disclose. Any person who is unable to properly complete and file one or more of such schedules by April 15 may request an extension of time for filing, for a period of either ten or twenty days, which request shall be in writing and shall be accompanied by payment of an extension fee in the amount of two dollars per day of extension requested. A single request for extension shall be sufficient to extend the filing date for all such schedules which a person is required to file in a single county. Any person who fails to file one or more schedules by the end of the extension time requested shall be subject to a late filing penalty as though no extension had been requested. SS 39-5-116, C.R.S.
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