The City of Loveland requires that a 3% sales tax be remitted for tangible personal property assets acquired with the purchase or transfer of possession of the business based on the purchase price paid, within (20) days of purchase.
Examples of Tangible Assets
- Cash Registers
- Ice Makers
Tangible assets do not include tax on inventory that is intended to be resold to the public in the course of regular business.
The Purchaser should withhold sufficient money to cover all taxes until such time that the former owner produces a receipt showing all taxes have been paid on all tangible personal property assets.
The Seller and Purchaser are both liable for all sales tax due and both are subject to tax collection proceedings for unpaid taxes, interest, and penalty. Delinquent taxes are subject to a lien on both the seller and purchaser.