FORT COLLINS, Colo. — A small-business owner in Fort Collins will not have to pay about $40,000 in taxes for having antiques displayed in his store.
Tony Vallejos, the owner of the Fort Collins Candy Store Emporium, feared he might have to pay a large tax because of the roughly $400,000 worth of antiques with which he decorated the store.
Under state law, the Larimer County Assessor must tax the assets at 10 percent per year— which would have amounted to $40,000.
However, on Thursday, Vallejos said someone from the Larimer County Assessor’s Office found a passage in the bylaws that excludes him from the potential tax he was facing.
The passage states:
“Antique value is generally considered an intangible value component and should not be included in the valuation of personal property for property tax purposes. Market sales of antique personal property will typically exceed the RCNLD value. Antique personal property should be valued using the RCN of comparable non-antique personal property that serve the same purpose or function.”
Vallejos is now in the process of putting the antiques back into his shop.