Select your state

Taxes

personal property tax

Many states assess a personal property tax on certain items of personal property such as motor vehicles, boats, and aircraft. Business personal property taxes—taxes on tangible personal property items that are used to produce income—are often referred to as ad valorem taxes.

In Colorado, personal property tax is assessed on items that are used to generate income, such as equipment, machinery, and other business assets. This tax is known as the business personal property tax and is considered an ad valorem tax, meaning it is based on the value of the property. Motor vehicles, boats, and aircraft that are used for personal purposes are subject to a different form of personal property tax and are typically taxed through registration fees and other specific taxes rather than ad valorem taxes. The valuation for business personal property tax is determined by the local county assessor's office, and tax rates vary by locality. Taxpayers are required to report their business personal property annually to the county assessor, and exemptions may apply for certain types of property or for property below a certain value.

Legal Articles

State Statutes

Individual & Family Legal Plan

As a LegalFix member, you'll get expert legal services from a local law firm that treats you like an important client. Don't wait—be prepared for life's inevitable legal challenges starting today. And ask your employer, credit union, or membership group about preferred pricing opportunities.

Taxes

personal property tax

Individual & Family Legal Plan

Articles

Colorado State Code

Colorado State Code

Taxes

personal property tax

Articles