Personal Property Valuation
Colorado Statute requires anyone who owns a business or rents out their residential property on a short or long term basis to declare their business equipment. Business equipment includes, but is not limited to: equipment, machinery, solar systems (installed on a commercial structure), furniture, security devices, computers, point of sale systems, telephone systems, televisions, DVD/VCR/Blue Ray/3D players, decorative rugs, artwork, etc. This would include all assets used in the business or the rental property whether acquired new, used or received as a gift or the result of a real estate or business sale. This information is required to be filed annually with the Assessor.
Shortly after the first of each calendar year our office will mail a Personal Property Declaration itemizing all the assets that were previously reported. If you are a new owner of a rental residence, a new owner of an existing business, or have opened a new business in Summit County, please contact our office and we will gladly send you the declaration form.
Currently the statutory Personal Property Declaration form is not electronic, so you may also file by utilizing an Excel document, Word document, PDF or even a hand written list. We have provided a link to an Excel document for your use, which is our preferred method to receive information.
If not using the Personal Property Declaration form, please provide the following information:
- Owner Name and Mailing Address
- Physical Location of the Business or Residential Rental
- Asset Description, Year Acquired, Original Installed Cost New or Cost Used (per item), and quantity
(Note: If you do not know the exact cost or year, we will accept your best estimate of what the item may have cost in a used furniture store or business supply outlet -- a comparison to garage sale prices is not an accurate representation of true market value.)
You may submit your information by either mailing or emailing the information to the Summit County Assessor (addresses on the right side of this page).
All information must be submitted by April 15th to insure timely filing and the avoidance of late fees. You will be notified of the assessor’s determination of value by June 15th.