Assessor Declaration FAQs

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WHO FILES A DECLARATION SCHEDULE?
The owner (legal titleholder) of taxable personal property, their agent, and those in possession and/or control of the taxable personal property as of January 1 must file a declaration schedule.

IS PERSONAL PROPERTY PRORATED?
PRORATION OF PERSONAL PROPERTY VALUE IS GENERALLY NOT ALLOWED.
As of January 1, 1996, the only proration of personal property value allowed is for Works of Art loaned to and used for charitable purposes by an exempt organization. If other taxable personal property was located in Colorado on the assessment date, it is taxable for the entire assessment year, providing that, if it was newly acquired, it was put into use as of the assessment date (January 1). If it was not located in the state on the assessment date, or if it was newly acquired, but was not put into use as of the assessment date, it cannot be taxed until the next assessment year. Except for works of art, personal property that is exempt on the assessment date retains its exempt status for the entire assessment year. These requirements do not affect the proration of real property.

WHEN DO YOU FILE?
This form must be filed with the county assessor by April 15th.

WHAT HAPPENS IF YOU FAIL TO FILE?
The late filing penalty is $50 or 15% of the taxes due, whichever is less. If you fail to file a schedule, the assessor will determine a valuation based upon the BEST INFORMATION AVAILABLE and may add a penalty of up to 25% of assessed value for any omitted property discovered and valued later.

NOTE: Failure to properly file a declaration schedule will prevent you from receiving an abatement per Colorado case law. Property Tax Adm'r v. Production Geophysical, 860 P.2d 514 (Colo. 1993)

WHY IS THE DECLARATION FORM IMPORTANT?
Assessors use this information to help calculate the property's actual value. This value is based on the property's use and condition as of January 1 of each assessment year.

WHAT HAPPENS AFTER YOU SUBMIT THIS FORM?
The assessor may request more information or conduct a physical inventory of your personal property at your business location. Notices of Valuation are mailed on June 15th to the address listed on this schedule.

HOW IS THE ACTUAL VALUE CALCULATED?
The assessor is required to use tables developed by the Colorado Division of Property Taxation to calculate your Personal Property actual value. ( Colorado Property Taxation Tables. )

HOW IS THE ASSESSED VALUE CALCULATED?
The Personal Property assessment rate is 27.9%. This means 27.9% of the actual value is how you arrive at the assessed value for your Personal Property.

WHAT SHOULD I INCLUDE IN MY PERSONAL PROPERTY FILING?
Any equipment that is used in your business should be included in your filing except for consumables. Examples of Personal Property to be included are as follows but not limited to.

Computers
Displays
Electronics
Fixtures
Furniture
Machinery
Shelving
Signs

WHAT SHOULD NOT BE INCLUDED IN MY PERSONAL PROPERTY FILING?
Intangible assets should not be included in your filing such as:

Goodwill
Patents
Software
Inventory
Materials
Supplies
Consumable items defined as: any asset having a life of one (1) year or less regardless of cost, and any asset with a life longer than one year that has an acquisition cost or fair market value of $350 or less at the time of acquisition. The $350 limitation applies to personal property that is fully assembled and ready for use and includes all installation costs, sales taxes, and freight expenses.

WHAT IS THE PERSONAL PROPERTY EXEMPTION AMOUNT?
If the total actual value of your personal property located in Weld County is $52,000.00 or less, you are not required to file this a Personal Property Declaration.
To avoid a possible misunderstanding regarding whether a Declaration Schedule must be filed taxpayers who are unsure of the actual value of their personal property are urged to contact the Assessor and provide an itemized listing of their Personal Property.