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The Larimer County Assessor’s Office recently sent out assessment notices to owners of taxable commercial personal property in Larimer County.
In addition to real estate appraisals, the appraiser is required by Colorado state law to value all business personal property for tax purposes. Business personal property includes business-specific machinery, equipment, and leasehold improvements.
According to a news release, passage of HB21-1312 means many small businesses will get tax relief in 2023, increasing the business personal property exemption to $52,000 from $50,000.
Taxpayers who disagree with the assessment of their business personal property and wish to file an objection may do so by U.S. mail or in person on or before June 30.
The Larimer County Assessor’s Office will review the bill and mail the decision by July 10.
Business owners who disagree with the assessor’s decision can file an appeal with the Larimer County Board of Equalization, which must be mailed by US mail or hand-delivered by July 20.
The Board of Equalization will rule on the appeal at the close of business on Aug. 7.
For information, call the Larimer County Assessor’s Office at 970-498-7050 during business hours, Monday through Friday.
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