§ 39-5-116 — Failure to file schedule - failure to fully and completely disclose

Colorado § 39-5-116

• Jurisdiction: Colorado
• Title 39: Taxation
• Art.: Valuation and Taxation

Text

(1) If any person owning taxable personal property to whom one or more personal
property schedules have been mailed, or upon whom the assessor or his deputy has
called and left one or more schedules, fails to complete and return the same to the
assessor by the April 15 next following, unless by such date such person has
requested an extension of filing time as provided for in this section, the assessor
shall impose a late filing penalty in the amount of fifty dollars or, if a lesser amount,
fifteen percent of the amount of tax due on the valuation for assessment
determined for the personal property for which any delinquent schedule or
schedules are required to be filed. Any person who is unable to properly complete
and file one or more of such schedules by April 15 may request an extension of time
for filing, for a period of either ten or twenty days, which request shall be in writing
and shall be accompanied by payment of an extension fee in the amount of two
dollars per day of extension requested. A single request for extension shall be
sufficient to extend the filing date for all such schedules which a person is required
to file in a single county. Any person who fails to file one or more schedules by the
end of the extension time requested shall be subject to a late filing penalty as
though no extension had been requested. Further, if any person fails to complete
and file one or more schedules by April 15 or, if an extension is requested, by the
end of the requested extension, then the assessor may determine the actual value
of such person's taxable personal property on the basis of the best information
available to and obtainable by him and shall promptly notify such person or his
agent of such valuation. Extension fees and late filing penalties shall be fees of the
assessor's office. Penalties, if unpaid, shall be certified to the treasurer for
collection with taxes levied upon the person's property.

(2) (a) If any person owning taxable personal property to whom two
successive personal property schedules have been mailed or upon whom the
assessor or his deputy has called and left one or more schedules fails to make a full
and complete disclosure of his personal property for assessment purposes, the
assessor, after notifying the person of his failure to make such a full and complete
disclosure and allowing such person ten days from the date of notification to
comply, shall, upon discovery, determine the actual value of such person's taxable
property on the basis of the best information available to and obtainable by him and
shall promptly notify such person or his agent of such valuation. The assessor shall
impose a penalty in an amount of up to twenty-five percent of the valuation for
assessment determined for the omitted personal property. Penalties, if unpaid,
shall be certified to the treasurer for collection with taxes levied upon the person's
personal property. A person fails to make a full and complete disclosure of his
personal property pursuant to this paragraph (a) if he includes in a filed schedule
any information concerning his property which is false, erroneous, or misleading or
fails to include in a schedule any taxable property owned by him.

(b) Any person who makes full and complete disclosure on the first personal
property schedules issued to him on or after August 1, 1987, shall not be assessed a
penalty for property previously omitted from the assessment rolls under this
article.

(c) Any person subject to paragraph (a) of this subsection (2) shall have the
right to pursue the administrative remedies available to taxpayers under this title,
dependent upon the basis of his claim.

Legislative History

Source: L. 64: R&RE, p. 702, � 1. C.R.S. 1963: � 137-5-16. L. 76: p. 761, � 21. L. 79: p. 1416, � 3. L. 80: p. 498, � 2. L. 81: p. 1832, � 7. L. 82: p. 549, � 14. L. 87: Entire section amended, p. 1414, � 1, effective August 1. L. 88: (2)(a) amended, p. 1273, � 8, effective August 1.