Colorado tax burden (sales, buying, inspection)

[D-Towner]

Can people who have lived in Colorado and other states compare the tax burden (property taxes, state income, sales, etc...) in Colorado with another State?

[2bindenver]

maybe Taxes by State

[motoracer51]

Overall, I think we're 15th lowest. Alaska and New Hampshire are the two lowest in regards to tax burden.

[jazzlover]

Originally Posted by D-Towner

Can people who have lived in Colorado and other states compare the tax burden (property taxes, state income, sales, etc...) in Colorado with another State?

The short answer: Residential property tax rates in Colorado are among the lowest in the US per dollar of fair market value. Business property taxes tend to be pretty steep. Combined local and state sales taxes (local and country sales taxes vary considerably by locale within Colorado) tend to be some of the highest in the US. Income taxes are middling. Fuel taxes are among the highest of the states. All in all, Colorado is probably a middling tax state, depending on which tax most applies to your living situation.

[StealthRabbit]

Yes, it really depends on your specific tax situation. I went from CO to WA, and enjoyed the 'no-income-tax' benefit, it was a great raise. I lived on the OR border, so benefited from no sales tax also. Now... 27 yrs later.... I don't have any income, so WA has lost it's luster. My property taxes have gone from $800 / yr to $12,000 /yr, so that ain't pretty (and that may be on par with your TX property taxes.) Of course 40 yrs ago my folks got taxed out of their CO ranch due to influx of folks to our 'high growth' region in the late 1960's.

Overall CO is moderate to low on total tax burden for a typical resident (Or even a senior), but I was looking at buying income property in CO, and it seemed to be taxed pretty high.

If you are a senior, and have some income to shelter, you might want to consider declaring SD as a residence, they have low taxes, and a low domicile requirement. You could live he rest of the yr in CO. from The benefits of South Dakota residency - Roaming Times blog

"South Dakota requires only a mailing address and spend a single night in the state. For eight dollars you can get a five-year driver's license. You can also get your vehicle registered for less than $100 (provided you paid sales tax on the vehicle in a recognized state). South Dakota does not require that your vehicles have an annual safety inspection."

If you are still working for a living or have high income, instead of CO, I'd go another state north (WY). You can live in northern WY, and shop in MT (Sales tax free). Property taxes are not bad yet in WY.