PUBLIC NOTICE

PERSONAL PROPERTY DECLARATION SCHEDULE

(Media Release)

NAME AND ADDRESS OF CONTACT:

Miguel Martinez

Lake County Assessor's Office

505 Harrison Ave., PO Box 28

Leadville, CO 80461

TELEPHONE NUMBER:

719-486-4110

All persons owning, possessing or controlling taxable personal property with a total actual value greater than $50,000 (per owner, per county) on January 1, 2022 are required to report the personal property to the assessor by April 15, 2022. Per sonal 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. If you have not received a declaration schedule and own personal property with a value greater than $50,000, contact the assessor at 719-486-4110.

All personal property with a total actual value in excess of $50,000 (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 agribusiness that does not qualify as agricultural pursuant to § 39-1-102(1.6)(a), C.R.S.

• Expensed assets with a life greater than one year.

• Fully depreciated assets still in use.

• Personal property in storage that is subject to IRS 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, 2022. You may extend the deadline if, prior to April 15, the assessor receives your written request for an extension along with $20 for a 10-day extension, or $40 for a 20-day extension. If you do not meet the April 15 deadline and do not request an extension, a penalty in the amount of $50 or 15% of the taxes due (whichever is less) will be applied to your account.

If you fail to file a declaration schedule, the assessor will establish a taxable value based on the “best information available” and add a penalty of up to 25% of assessed value for any omitted property that is subsequently discovered.

PROPERTY TAX EXEMPTION FOR QUALIFYING SENIOR CITIZENS AND DISABLED VETERANS

(Media Release)

NAME AND ADDRESS OF CONTACT:

Miguel Martinez

Lake County Assessor's Office

505 Harrison Ave., PO Box 28

Leadville, CO 80461

TELEPHONE NUMBER:

719-486-4110

The Colorado Constitution establishes a property tax exemption for senior citizens and disabled veterans. For those who qualify, 50 percent of the first $200,000 in actual value of the primary residence is exempted from property tax. The State of Colorado pays the property taxes on the exempted value. Qualifying seniors are urged to submit applications if they have not yet done so.

SENIOR CITIZEN EXEMPTION:

Basic Qualifications - Generally, each of the following statements must be true to qualify for the senior citizen exemption. The qualifying senior:

• Must be at least 65 years old on January 1 of the year the application is filed; and

• Must be the current owner of record and listed as the owner of record for at least 10 consecutive years prior to January 1; and

• Must occupy the property as his/her primary residence, and must have done so for at least 10 consecutive years prior to January 1.

• Surviving spouses of previously qualified senior citizens may be able to continue receiving the exemption with a long form application.

Exceptions to Basic Qualifications - The applicant may still qualify if one or more of the following statements are true:

• Ownership is in the spouse’s name and the spouse also occupies the property;

• Ownership has been transferred to or purchased by a trust, corporate partnership or other legal entity solely for estate planning purposes;

• The qualifying senior or his/her spouse was or is confined to a health care facility;

• The applicant was forced to move when the prior residence was condemned in an eminent domain proceeding;

• The applicant is the surviving spouse of a senior who met the requirements on January 1, 2002, or on any January 1 thereafter.

• The qualifying senior citizen’s prior residence was destroyed or otherwise rendered uninhabitable by a natural disaster.

How to Apply - To apply, you must complete the appropriate application form and return it to the assessor by July 15. The assessor must accept late applications until August 15. The “Short Form” application may be used by qualifying senior citizens who meet each of the basic qualifications. The “Long Form” application must be used by applicants who satisfy one or more of the exceptions to the basic qualifications. If you would like to receive an application form or a brochure that explains the senior citizen exemption in greater detail, or if you have any questions regarding the exemption, please call the assessor’s office at 719-486-4110.

DISABLED VETERAN EXEMPTION:

Basic Qualifications – Generally, each of the following statements must be true to qualify:

• The applicant must be a veteran who sustained a service-connected disability while serving on active duty in the Armed Forces of the United States. This includes members of the National Guard and Reserves who sustained injuries while serving on active duty.

• The applicant must have been honorably discharged.

• The federal Department of Veterans Affairs has rated the applicant’s service-connected disability as a one hundred percent permanent disability through disability retirement benefits pursuant to a law or regulation administered by the department, the U.S. Department of Homeland Security or the Department of the Army, Navy or Air Force.

• The applicant must be the owner of record and must have been the owner of record since January 1 of the current year; and

• The applicant must have occupied the property as his/her primary residence since January 1 of the current year.

• In many cases, an eligible surviving spouse of a previously qualified disabled veteran may continue to receive the exemption by submitting a disabled veteran surviving spouse form to the assessor’s office.

Exceptions to Basic Qualifications – The applicant may still qualify if one or more of the following statements are true:

• Ownership is in the spouse’s name and the spouse also occupies the property.

• Ownership has been transferred to or purchased by a trust, corporate partnership or other legal entity solely for estate planning purposes.

• The qualifying disabled veteran or his/her spouse was or is confined to a health care facility.

• The applicant was forced to move when the prior residence was condemned in an eminent domain proceeding.

• The applicant is the surviving spouse of a previously qualified veteran who met the requirements through the Colorado Division of Veterans Affairs.

How to Apply - To apply, you must file a completed application with the Colorado Division of Veterans Affairs by July 1. The Division of Veterans Affairs may accept late applications until August 2 if the applicant can show good cause for missing the July 1 deadline. The surviving spouse of a prequalified veteran must apply directly to the assessor’s office no later than July 1. If you would like to receive an application form or a brochure that explains the disabled veteran exemption in greater detail, or if you have any questions regarding the exemption, please call the assessor’s office at 719-486-4110.

Published in the Herald Democrat Jan. 13 and 20, 2022.

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