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Personal property declarations needed

People owning, possessing or controlling taxable personal property with a total actual value greater than $7,300 on Jan. 1 are required to report the personal property to the La Plata County assessor by April 15.

Personal Property Declaration Schedules have been mailed to every person, business or company known to own, possess or control taxable personal property in the county. Non-receipt of a declaration schedule does not excuse taxpayers from declaring taxable personal property to the assessor.

People who have not received a declaration schedule and own personal property with a value greater than $7,300 should call 382-6231.

All personal property with a total actual value in excess of $7,300 (per owner, per county) is taxable unless specifically exempt by law.

Taxable personal property includes:

All residential household furnishings used to produce income.

Equipment, furniture and machinery used by commercial, industrial and natural-resource operations.

Property used in an agri-business that does not qualify as agricultural pursuant to state statutes.

Expensed assets with a life greater than one year.

Fully depreciated assets still in use.

Personal property in storage that is subject to Internal Revenue Service depreciation.

Leasehold improvements.

Equipment that is licensed as a motor vehicle (SMM plate or Z-Tab) is not reported on the Personal Property Declaration Schedule.

Completed declaration schedules are due April 15. People may extend the deadline if, prior to April 15, the assessor receives a written request for an extension along with $20 for a 10-day extension, or $40 for a 20-day extension.

People who do not meet the April 15 deadline and do not request an extension will be penalized in the amount of $50 or 15 percent of the taxes due (whichever is less), and it will be applied to their account.

For people who fail to file a declaration schedule, the assessor will establish a taxable value based on the “best information available.” In addition, the assessor will add a penalty of up to 25 percent of assessed value for any omitted property that is subsequently discovered.



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