Personal Property

If you are experiencing hardship paying your personal property taxes, please call or email our office at (970) 498-7020 or lctreasurer@larimer.org to discuss payment plan options. 

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, ag and livestock products, and livestock. Except for public utility valuation, intangible personal property, a right rather than a physical object, is also exempt from property taxation in Colorado. Examples of intangible personal property are: trademarks, patents, copyrights, stocks, and bonds.

Colorado House Bill 21-1312 passed in 2021, significantly increasing the personal property exemption.  Effective with the 2021 tax roll, the exemption was raised from $7,900 or less, to $50,000 or less in total actual value with subsequent adjustments for inflation. For the 2023 tax year, the exemption amount is $52,000. If you are one of the 2500 businesses whose actual value is below the exemption value, you will NOT receive a tax statement. If you have questions about your value, please call the assessor’s office at (970) 498-7050 or visit their personal property page.

FAQs

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  1. How is my equipment assessed?

    The County Assessor determines the actual value of personal property. By law, a Declaration Schedule must be filed with the Assessor annually. Failure to file by April 15  will result in a 15% or $50.00 fine, whichever is less. Failure to make a complete disclosure of personal property will result in an additional penalty of 25% of the value of the undisclosed property. Personal Property with an actual value of less than $52,000.00 will not be placed on the tax roll. Please contact the Assessor at (970) 498-7050 or visit the Assessor's site at https://www.larimer.gov/assessor/business-personal-property for more information.

  2. What if my business closes?

    Taxes are assessed beginning January 1 for the full year. Therefore, taxes for the full tax year are due immediately upon the closing of a business. To avoid substantial penalties and the issuance of a Distraint Warrant, please notify the Treasurer's Office before removing any equipment from the business. 

    Per Colorado Revised Statute 39-10-113: (1) (a) If at any time after the lien of general taxes has attached, the Treasurer believes for any reason that any taxable personal property may be removed from the County or State of Colorado or may be dissipated or distributed, so that taxes to be levied for the current year may not be collectible, they may at once proceed to collect such taxes and, if they deem necessary, may distrain, seize, and sell such personal property to enforce collection. Upon request, the Assessor shall certify to them the valuation for assessment of such personal property for the current year. If the levy for the current year has not been fixed and made, the levy for the previous year shall be used to determine the amount of taxes due.

  3. What if my business is sold?

    Taxes are not due at the time of an ownership transfer. Personal property taxes may be collected in advance, although this is not required. Please contact the Treasurer's Office at (970) 498-7020, or via email for an estimate of the current year taxes based on the valuation certified by the Assessor.