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.
- $50,000 (Actual Value) times 29% (Assessment Rate) = $14,500 (Assessed Value), then
- $14,500 (Assessed Value) times 0.08 (Example Mill Rate) = $1,160 Estimated Taxes Due
Proration of Value
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.