2023 Colorado Revised Statutes › Title 42 - VEHICLES AND TRAFFIC (§§ 42-1-101 — 42-21-106) › TAXATION (§§ 42-3-101 — 42-3-314) › Article 3 - REGISTRATION, TAXATION, AND LICENSE PLATES (§§ 42-3-101 — 42-3-314) › Part 1 - REGISTRATION AND TAXATION (§§ 42-3-101 — 42-3-127) › Section 42-3-106 - Tax imposed - classification - taxable value

(1)
The owner of each item of classified personal property shall pay an annual specific ownership tax unless exempted by this article. Such specific ownership tax shall be annually computed in accordance with section
42-3-107
in lieu of all annual ad valorem taxes.
(2)
For the purpose of imposing graduated annual specific ownership taxes, the personal property specified in section 6 of article X of the state constitution is classified as follows:
(a)
Every motor vehicle, truck, laden or unladen truck tractor, trailer, and semitrailer used in the business of transporting persons or property over any public highway in this state as an interstate commercial carrier for which an application is made for apportioned registration, regardless of base jurisdiction, shall be Class A personal property.
(b)
Every truck, laden or unladen truck tractor, trailer, and semitrailer used for the purpose of transporting property over any public highway in this state and not included in Class A shall be Class B personal property; except that multipurpose trailers shall be Class D personal property.
(c)
Every motor vehicle not included in Class A or Class B shall be Class C personal property.
(d)
Every utility trailer, camper trailer, multipurpose trailer, and trailer coach shall be Class D personal property.
(e)
Every item of special mobile machinery, except power takeoff equipment, that is required to be registered under this article 3 or that is covered by a registration exempt certificate issued by the department in accordance with section
42-3-107 (16)(g)
is Class F personal property. If a farm tractor, meeting the definition of special mobile machinery, is used for any purpose other than agricultural production for more than a seventy-two-hour period at the site where it is used for nonagricultural purposes, it is Class F personal property, but it is granted a prorated registration under section
42-3-107
to cover the use. The authorized agent shall notify the owner of the farm tractor of the prorated registration. Storing a farm tractor at a site does not give rise to a presumption that the tractor was used for the same purposes that other equipment is used for at the site.
(3)
(a)
An owner of a vehicle shall not permanently attach to the vehicle mounted equipment unless:
(I)
The owner applies for registration of the mounted equipment to the authorized agent in the county where the equipment is required to be registered within twenty days after the equipment is mounted to the vehicle; or
(II)
The mounted equipment is power takeoff equipment.
(b)
The application shall be on forms prescribed by the department and shall describe the equipment to be mounted, including serial number, make, model, year of manufacture, weight, and cost.
(4)
The taxable value of every item of classified personal property shall be the value determined for the year of its manufacture or the year it is designated by the manufacturer as a current model, and such determined taxable value shall not change. Regardless of the date of acquisition by an owner, the year of manufacture or the year for which designated by the manufacturer as a current model shall be considered as the first year of service. The maximum rate of specific ownership taxation shall apply to the taxable value in the first year of service, and annual downward graduations from such maximum rate shall apply to such taxable value for the number of later years of service specified for each class of personal property.
(5)
Manufactured homes shall not be classified for purposes of imposing specific ownership taxes but shall be subject to the imposition of ad valorem taxes in the manner provided in part 2 of article
5
of title
39
, C.R.S.
(6)
(a)
If a vehicle and the equipment mounted on the vehicle are the same model year:
(I)
The owner of the vehicle and the mounted equipment may register both as Class F personal property; or
(II)
The owner of the vehicle may register the vehicle as Class A, Class B, Class C, or Class D personal property and the mounted equipment may be registered as Class F personal property.
(b)
If a vehicle and the equipment mounted on the vehicle are different model years:
(I)
The owner of the vehicle shall register the vehicle as Class A, Class B, Class C, or Class D personal property; and
(II)
The owner of the vehicle shall register the mounted equipment as Class F personal property.
Amended by 2021 Ch. 478, § 2, eff. 7/1/2022.
L. 2005: Entire article amended with relocations, p. 1079, § 2, effective August 8. L. 2008: (2)(b) and (2)(d) amended, p. 638, § 2, effective August 5. L. 2010: (2)(e) and (3) amended, (SB 10-144), ch. 1345, p. 1345, § 2, effective July 1; (2)(e) amended and (6) added, (HB 10-1172), ch. 1488, p. 1488, § 5, effective October 1. L. 2011: (2)(e) amended, (HB 11-1093), ch. 1132, p. 1132, § 1, effective June 2. L. 2021: (2)(e) amended, (SB 21-257), ch. 3417, p. 3417, § 2, effective 7/1/2022.
Amendments to subsection (2)(e) by House Bill 10-1172 and Senate Bill 10-144 were harmonized.