Small business owners get a break with a new Colorado law this year. The business personal property tax exemption is going up from $7,900 to $50,000. Here’s Routt County Treasurer Lane Iacovetto.
The State of Colorado will reimburse local governments for the lost property tax revenue caused by the increase.
Here’s more from Routt County Treasurer and Public Trustee, Lane Iacovetto.
Exciting NEWS for BUSINESS OWNERS! Under HB21-1312, a new law that went into effect Jan. 1, the business personal property tax exemption increased from $7,900 to $50,000. Any business owner whose business personal property is $50,000 or less as per the Assessor Market Value will not be paying personal property tax.
Business Personal Property can be defined as everything which is not real property, typically portable or movable items. Business personal property includes:
- Office Furniture
- Equipment
- Machinery
- Security devices
- Signs
and any other item used to operate a business. All personal property is taxable unless it is specifically exempt by law.
The state will reimburse local governments for the lost property tax revenue caused by the increase, so it will have a net zero effect on the county taxing entities. For more information about HB21-1312, contact our office at treasurer@co.routt.co.us. You can also visit in person 8 a.m. to 4:30 p.m. at 522 Lincoln Ave. in Steamboat Springs, CO