On a national basis, the amount of state
and local taxes ranked in the bottom thirty nationally. State taxes
collected per $1,000 of personal income ranked well below the national
average, 45th out of 50 states. Locally the tax bite is considerably
higher with Colorado ranking seventh nationwide in the amount of taxes
collected per $1,000 of personal income. When the state and local tax
bite is combined, Colorado ranks 22nd in the nation.
Real
estate taxes are calculated by multiplying a property's
assessed value by the overall mill levy which applies
to the property's location. The county assessor's office
establishes the market value for all properties annually.
Assessed value for residential property is calculated
using an assessment rate of approximately 10 to 15 percent.
The 1999 residential assessment rate for taxes due in
2000 is 9.74 percent of market value. This rate may change
annually.
Retail
Sales Tax
State
2.9%
County
1%
City
2.5%
Transportation CO Springs Only
1.0%
Total
7.4%
Motor
Fuel Tax
Federal
18.4
State
22
Total
40.4
(Cents
Per Gallon)
State
Individual Income Tax
Flat rate of 4.63% of federal
taxable income.
Vehicle
License and Tax
1 yr old
2.1% of
taxable value
2
yr old
1.5%
of taxable value
3
yr old
1.2% of
taxable value
4
yr old
0.9%
of taxable value
5+yr
old
0.45% of
taxable value
*Taxable value
is original sticker price of your car
All
Addresses