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I lease a parcel of land (school section) from state of Colorado.

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This is for the purpose...
I lease a parcel of land (school section) from state of Colorado. This is for the purpose of mining granite. I pay the state a royalty fee monthly on how much was extracted that month. Do I need to pay the county taxes on extraction amt annually?
Submitted: 1 year ago.Category: Tax
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4/14/2016
Tax Professional: Barbara, Enrolled Agent replied 1 year ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,074
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.Possessory interests are subject to ad valorem taxation in Colorado. A possessory interest is defined as a private property interest in government-owned property or the right to the occupancy and use of any benefit in government-owned property that has been granted under lease, permit, license, concession, contract or other agreement. file:///C:/Users/Barb/Downloads/loc82p942009internet.pdfPlease let me know if I can assist you further.Thank you and best regards,Barb
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Barbara
Barbara, Enrolled Agent
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