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Personal Property Frequently Asked Questions
QWho files a Personal Property Declaration Schedule?
AThe owner (legal titleholder) of taxable personal property as of January 1st must file a declaration schedule if the total actual value (market value) of all the personal property is greater than $2,500 per county. All personal property, such as a business/organization's machinery, equipment, and furnishings, not otherwise exempt by law, must be listed on the schedule. All Personal Property Declaration Schedules and attached forms are considered private confidential documents by law.
QIs your business new? Are you a new owner?
AIf you answer yes to either question, or you have never filed with the county assessor and you own taxable personal property in Larimer County, you are required to provide a complete detailed listing of all machinery, equipment, and other personal property. To avoid a possible misunderstanding regarding whether a declaration schedule must be filed, a complete detailed listing will ensure that the Assessor's Office will properly set-up your business as inactive, if you have indicated that the total actual value (market value) of your business is $2,500 or less.
QWhen do you file?
AThe assessor mails the declaration schedule as soon after January 1st as possible. If the owner does not receive a declaration schedule in the mail, one may be obtained from the Assessor's Office, or from our website. The declaration schedule must be received by the assessor by the April 15th deadline every year. Failure to receive a declaration schedule does not relieve the taxpayer of the requirement to file.
QCan you file for an extension?
AYou may extend the deadline if, prior to April 15th, the Assessor received your written request and $20 for a 10 day extension or $40 for a 20 day extension. The extension applies to all personal property schedules (single or multiple) which a person is required to file in the county.
QWhat happens if you fail to file?
AThe late filing fee is $50 or 15% of the taxes due, whichever is less. If the owner of taxable personal property fails to file a schedule, the Assessor may determine a valuation based on the best information available and may add a penalty of up to 25% of assessed value of the undeclared omitted property.
QWhat happens after you submit this form?
AThe Assessors Office will calculate a value for your assets. On June 15th, a Notice of Valuation containing your new proposed value, and instructions on how you can submit a protest if you disagree with the value, will be mailed to the address listed on the schedule.
QI have non-profit status for federal IRS purposes, am I exempt?
AOrganizations which have non-profit status for federal IRS purposes are not automatically exempt from local personal property assessments. To obtain such exemption status, organizations which are charitable, educational, or religious in nature must apply to the State Division of Property Taxation at 303-866-2371.
QCan I file my declaration schedule online?
AYes. You can now file your personal property declaration schedule or view your account details online.