Underneath a brand new legislation that went into impact Jan. 1, the enterprise private property tax exemption modified from $7,900 to $50,000.
HB21-1312 regarding insurance coverage premium property gross sales severance tax was signed into legislation June 23, 2021.
In keeping with El Paso County Assessor Steve Schleiker, any enterprise proprietor whose enterprise private property is $50,000 or much less as per the Assessor Market Worth not must pay a private property tax or to file a yearly declaration schedule with the assessor’s workplace.
Enterprise Private Property may be outlined as every little thing which isn’t actual property, sometimes transportable or movable objects.
Enterprise private property consists of:
- Safety gadgets
- Indicators and private results not in any other case exempt by legislation.
The state will reimburse native governments for the misplaced property tax income brought on by the rise, so it should have a internet zero impact on the county taxing entities.
“HB21-1312 goes to be nice for our smaller mom-and-pop companies,” Schleiker stated. “The invoice reinvests into the small companies that actually want this break and simplifies issues for them.”
For extra details about HB21-1312, contact the El Paso County Assessor’s Workplace at 719-520-6600 or electronic mail [email protected] You may also go to in individual on the Residents Service Middle, 1675 W. Backyard of the Gods Highway, Suite 2300. Public hours are 8 a.m.-5 p.m.