Personal Property Tax Payment Plan Options for Business Owners

Personal Property is generally known as portable or moveable items that are used for income production. Examples would be office furniture, business equipment, restaurant equipment, and fixtures, and any other item used to operate a business. All personal property is taxable unless it is specifically exempt by law.

Exemptions include, but are not limited to: inventories for resale, materials, and supplies consumed, agricultural equipment used on the farm or ranch to produce agricultural products, agricultural and livestock products, and livestock. Except for public utility valuation, intangible personal property, (rather than a physical object), are also exempt from property taxation in Colorado. Examples of intangible personal property are trademarks, patents, copyrights, stocks, and bonds.

Most personal payment plans will consider the balance due and divide it evenly through the remaining months of the calendar year. A written and signed agreement between the Treasurer & Public Trustee and the business owner is required. Existing C.R.S. (Colorado Revised Statute) allows County Treasurers to create payment plans for personal property taxes only. This does not apply to any other types of property taxes.

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