Walmart is planning to sue Summit County and many other governments in Colorado in their attempts to reduce the bills of property tax across that state. The parent company of the retailer, Walmart Stores Inc. is going to sue half of the 64 counties of Colorado over what it has deemed to be an overvaluation by the assessors of the equipment in county and also that of the personal property which it uses at 95 of their retail locations in Colorado, including their store in Frisco at 840 Summit Blvd.
Walmart is the largest company in the world with the revenue amounting to $514 billion which has been made over 11,000 of its stores as it made a gross profit last year amounting to $129 billion. As per the office of the Summit County assessor, the retailer has been billed $21,710 as property tax for personal property of $1.38 million which it is using at the Frisco location for the year 2019.
The tax at first sight comes out to be marginal and the retailer is going to become trim and it is going to use a full-court press of the state’s litigation for doing so. Apart from Summit, the company has also sued the Eagle County for the lone store which it has in Avon at 171 Yoder Ave.
The basic dispute is about whether the county assessors in the state have overvalued the personal property of the retail location of Walmart, resulting in the larger tax bills based on such assessments.
The personal property has included items such as refrigeration, check-out stands and warehouse equipment among other items. These items are ones which add to the value of the property itself.