News: Surprise Tax Bill For Colorado Shop Using Antiques As Decor

Surprise $40K tax could force closure of Fort Collins candy store
https://kdvr.com/news/local/surprise-40k-tax-could-force-closure-of-fort-collins-candy-store/

Has anyone heard of this type of legislation before? Not sure if other jurisdictions have similar laws regarding taxation. I've seen antique dealers place high end "not for sale" antiques in their front windows as a traffic generating tool to get people through the doors --- I assume they would face the same challenges. Seems like a way to get the most sterile, utilitarian retail experience possible which will hurt economic growth and drive customers away. Being a savvy businessperson shouldn't cause you to get taxed into oblivion.

Your thoughts?

 

I have no idea, the site is not accessible for the EU.
They say we are important to them though.

 

YouTube Video

Surprise $40K Tax Could Force Closure of Colorado Candy Store

 

Well I would like to visit there, but beyond that, I have no idea about the laws he is talking about.

 

At this point NOTHING surprises me anymore . What a ludicrous law .

 

I was thinking the same thing Davey. Some look like they are vintage, not antiques and some may be repro's that are newish.

 

I get the impression from the link that the owner of the store is the one who came up with estimate of value that got used to calculate the tax bill. His own damm fault if that is true.

 

I agree I don't see anywhere near $400,000 of stuff. Maybe $20,000 but $400,000 is crazy unless there is lots of high end stuff not shown. Best thing I see is the cash register.

 

Here in Calif. taxes are assessed by the county. In our county that means on everything that is not inventory is assessed on values over, I believe it is 1000 - 1500 total. (Can't remember).

We no longer have inventory tax, so marking store displays with prices makes them inventory and not assets. Prices are what you are asking, like ebay.

 

This is sort of in my neck of the woods. Can tell you that it was not a news story I heard of. Didn't make it out of a 60 mile radius in print, anyway. But interesting to read.

Sounds like the shop owner didn't receive a tax bill per say, shop owner remembers being told "$40K". Still there was some tax due --$12K or something, much more than I would have ever guessed for a situation like this.

Here is a follow-up done by a local paper from the town and sounds like it is resolved.

https://www.coloradoan.com/story/li...tique-toys-shelves-after-tax-saga/4601566002/

Also wondered about the overly optimistic estimate of the value that the shop keeper put on the items. Maybe for insurance in case of robbery or fire?? Backfired a bit sounds like.

Well, no such thing as bad publicity as they say.