Colorado State and Local Tax Profile
Income Taxes
Sales Taxes
- State Sales Tax: 2.9% (food and prescription drugs exempt); many cities and counties have their own rates which are added to the state rate. Total could be as high as 9.9%.
- Gasoline Tax: 22 cents/gallon
- Diesel Fuel Tax: 20.5 cents/gallon
- Cigarette Tax: 84 cents/pack of 20
Property Taxes
- The county assessor determines the value of property using a market, cost or income approach. Property taxes are assessed on a percentage of the property's actual value. You can determine your property tax bill by multiplying the assessed value by the local tax rate.
- A homestead exemption for qualifying seniors and the surviving spouse of a senior who previously qualified is available. Seniors must be at least age 65. It allows 50% (up to a maximum reduction of $100,000) in actual value of a primary residence to be exempt. The state pays the tax on the exempted value. The person must have owned and lived in the home for at least 10 years. Click for details.
- Full-year Colorado residents age 65 or older, disabled, or a surviving spouse age 58 or older, may qualify for the Property Tax/Rent/Heat Rebate and/or the Property Tax Deferral. Qualified applicants can receive a rebate of up to $600 of the property tax and $192 of their heating expenses paid during the year, either directly or as part of their rent payments, by filing the Property Tax/Rent/Heat Rebate form Click for details.
Estate Taxes
- There is no inheritance tax and the Colorado estate tax is limited to federal estate tax collection.
For further information, visit the Colorado Department of Revenue site or call 303-232-2446.
Related Articles:
|
|
Last Updated ( Monday, 21 January 2008 )
|