El Paso County, Colorado

 $10,000 (Market Value)  x  29% (Assessment Rate)  =  $2,900 (Assessed Value)

then

$2,900 (Assessed Value)  x  .070 (Hypothetical Mill Rate)  =  $203.00 Estimated Taxes Due

NOTE: In this example, Personal Property with a Market Value of $10,000, in a tax district with a (hypothetical) mill rate of .070 would result in a tax bill of approximately $203.00.

Proration of Value

Proration is not generally allowed. 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.

DECLARATION SCHEDULES

What is required by law?

Owners of personal property must declare the taxable property they own to the Assessor.

Who must file?

Owners of taxable personal property such as equipment, machinery, furniture, security devices, household furnishings, signs and personal effects not otherwise exempt by law, if the total actual value (market value) of the personal property is greater than $2,500.

Note: Market value as approximated by an appraisal, using state guidlines and procedures.

When to file:

The Assessor mails Declaration Schedules on or before January 1, and taxpayers must return them to the Assessor by April 15, 2008*. It is the responsibility of the business owner to obtain and file a Declaration Schedule, if one is not received in the mail.

$2,500 EXEMPTION FOR PERSONAL PROPERTY

Effective 1/1/97-Revised 10/01, if the total actual value (market value) of your personal property located in El Paso County is $2,500 or less, you are not required to file this form.

If an owner's personal property filed in El Paso County exceeds a total value of $2,500, all the property is taxable including the initial $2,500.

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 $2,500, 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 and provide an itemized listing of their personal property.

FAILURE TO FILE PROPERTY DECLARATION SCHEDULE

Any owner of personal property who fails to file a Declaration Schedule by April 17* 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.

Confidential Documents

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

* NOTE: FOR 2007 TAXES, PERSONAL PROPERTY DECLARATIONS WILL BE DEEMED "TIMELY"
IF RECEIVED AND/OR POSTMARKED BY APRIL 15, 2008.

PP Declaration Schedule DS056

PP Declaration Schedule DS060

TYPES OF PERSONAL PROPERTY

ALL personal property used in a business, organization or rental property at any time during the year must be reported to the Assessor for personal property assessment. Following is a partial list of typical items which must be reported:

Furniture, equipment appliances and decor items

Equipment, machinery and tools

Computer equipment
(Computer software is exempt from personal property tax)

Telephone equipment

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: Declaration Schedules must list personal property in detail. This includes reporting the deletion of previously reported items that are no longer in use.

CONSUMABLE PERSONAL PROPERTY EXEMPTION

In 2000 C.R.S. 39-3-119 was amended to exempt "Consumable Personal Property." To be classified as "consumable" personal property, the item must fall under one of the two following criteria:

• The item must have an economic life of one (1) year or less. This criteria applies to all items of personal property regardless of original acquisition cost. This category also includes non-functional personal property items used as a source of parts for the repair of operational machinery and equipment.
• The item of personal property has an economic life exceeding one (1) year and has an acquisition cost, inclusive of installation cost, sales tax, and freight expense, of $250 or less. If an item is acquired or is provided to the business owner at nominal or no cost, the $250 per item ceiling shall apply to the fair market value of the item at the time of the acquisition. The $250 per item ceiling applies to each personal property item as completely assembled for use in the business.

NOTIFICATION OF VALUE

Assessor's Responsibility

When the Assessor has estimated the value of your personal property, you will receive a Notice of Valuation (NOV). This is not a tax bill! The purpose of the notice is to inform you of any change in your property valuation and advise you of your right to appeal the new value. Personal Property Notices of Value are mailed on June 15th. If the 15th falls on a weekend, then the following Monday is the due date for the Assessor to mail the notices of value.

Taxpayer's Responsibility

When you receive your NOV, study it carefully. The notice describes the property you own, gives the actual value for both the prior and current year, advises you of any amount of change, and provides an opportunity to present your objections to the Assessor.

Keep in mind that a changed value on the Notice may affect the amount of tax you pay the following January. If the NOV reflects a value with which you disagree or, if you have questions about the valuation, call your County Assessor! Don't wait until you receive your tax bill the following January!

TAXPAYER REMEDIES -- YOUR LEGAL RIGHTS

If you disagree with a change in value

You may file an objection with the Assessor in the county where the property is located.

For personal property owners, a mailed objection must be postmarked by July 2. 

If you appear in person, you must do so by July 2.

The Assessor must give a decision, in writing, by July 10.

Personal Property Appeals Form will be available June 15, the beginning of the Personal Property Appeals period.

If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day.  § 39-1-120(3), C.R.S.

If you are dissatisfied with the Assessor's decision: You may appeal to the County Board of Equalization (CBOE) by July 20. The CBOE conducts hearings through August 6. The Board must notify you in writing within five business days after their decision is made.

If you are dissatisfied with the CBOE decision: You may appeal to the Board of Assessment Appeals (BAA), to the County Commissioners for Binding Arbitration, or the District Court of the county in which the property is located. Appeals to the BAA or District Court must be filed within 30 days of the CBOE decision.

If you are dissatisfied with the decision of the BAA or District Court: You may appeal to the Court of Appeals within 30 days of the BAA decision or 45 days of a District Court decision.

Decisions reached through Arbitration are final and not subject to review.

ASSESSOR'S FIELD INSPECTION
OF PERSONAL PROPERTY

To ensure that all taxpayers receive just and equalized appraisals for their property, Colorado law requires the Assessor physically inspect personal property in the county on a regular basis. Property owners will be contacted by the Assessor's Office when their personal property account has been selected for an on-site review.

WHEN TO PAY PROPERTY TAXES

The County Treasurer is responsible for mailing property tax bills and collecting the property taxes. Each year, taxpayers receive their property tax bills after January 1. If the amount is $10 or less, the County Treasurer may add an administrative fee of $5 to your bill. If the tax amount is GREATER than $25, you may pay the taxes in two equal payments. The first half is due in the Treasurer's Office by February 28, the second half payment by June 15. If you pay your taxes in a LUMP SUM, the payment is due by the last day in April. If your payment is late, interest is added to the tax amount.