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Personal property must be reported by April 15

By Carla Elliott
Special to The SUN

All persons owning, possessing or controlling taxable personal property with a total actual value greater than $7,500 (per owner, per county) on Jan. 1, 2014, are required to report the personal property to the assessor by April 15.

Personal Property Declaration Schedules have been mailed to every person, business or company known to own, possess, or control taxable personal property in the county. Non-receipt of a declaration schedule does excuse taxpayers from declaring taxable personal property to the assessor.

If you have not received a declaration schedule and own personal property with a value greater than $7,500, contact the Assessor’s Office at 264-8310.

All personal property with a total actual value in excess of $7,500 (per owner, per county) is taxable unless specifically exempt by law.

Taxable personal property includes:

• All residential household furnishings used to produce income.

• Equipment, furniture and machinery used by commercial, industrial and natural resource operations.

• Property used in an agribusiness that does not qualify as agricultural pursuant to 39-1-102(1.6)(a), C.R.S.

• Expensed assets with a life greater than one year.

• Fully depreciated assets still in use.

• Personal property in storage that is subject to IRS depreciation.

• Leasehold improvements.

Equipment that is licensed as a motor vehicle (SMM plate or Z-Tab) is not reported on the Personal Property Declaration Schedule.

Completed declaration schedules are due April 15. You may extend the deadline if, prior to April 15, the assessor receives your written request for an extension along with $20 for a 10-day extension, or $40 for a 20-day extension. If you do not meet the April 15 deadline and do not request an extension, a penalty in the amount of $50 or 15 percent of the taxes due (whichever is less) will be applied to your account.

If you fail to file a declaration schedule, the assessor will establish a taxable value based on the “best information available” and add a penalty of up to 25 percent of assessed value for any omitted property that is subsequently discovered.

This story was posted on April 3, 2014.