Personal Property Valuation
Personal Property Valuation (Declaration) Schedule Form will be sent to you after you closed on a property and you are a homeowner in Summit County, Colorado. County assessor’s office is responsible for sending it out and collecting that information.
Here is the copy of this form for your review.
So, what is it?
If you own a business or rent out furnished residential unit (either a short-term or long-term basis) you have to declare residential furnishings or business equipment.
This will not apply to you if you do not rent out the property or you rent it out unfurnished, however, keep in mind that you will still receive the form and you have to return it. Just simply mark it as not renting or renting unfurnished.
Taxable Property
Taxable property includes, but is not limited to, the following:
- Appliances
- Artwork
- Computers
- Decorative Rugs
- DVD, VCR, BluRay, 3D players
- Equipment
- Furniture
- Hot tubs / spas
- Machinery
- Point of sale systems
- Solar systems (installed on a commercial structure)
- Telephone systems
- Televisions
This local law applies to all the assets either acquired new, used or received as a gift or the result of real estate or business sale.
Examples of Excluded Property
- Dinnerware
- Bedding
- Drapes
- Sheets
- Small appliances (blenders, mixers, etc)
- Carpet
Deadline and Penalties
It is extremely important that you return the form by the deadline of April 15th or otherwise Summit County Assessor will impose a penalty of 15% or $50 added to the taxes due, whichever is less.
Residential Brochure
Residential Personal Property Brochure
Commercial Brochure
Commercial Personal Property Brochure
Please, make sure you read the article on Real Property Transfer Declaration that relates to this subject.
