Colorado Springs Real Estate

Colorado Springs Taxes

Retail Sales Tax:

          State:           3 %
          County:         1 %
          City:           2.1%
          Total:          6.1%

State Individual Income Tax:
   -  Flat rate of 5% of federal taxable income

Corporate Income Tax:
   -  5% flat rate

Vehicle License & Tax:
   -  License fee based on vehicle weight. Owner's tax based on taxable value, declining with vehicle age.

• 1 year old           2.1% of taxable value
• 2 years old          1.5% of taxable value
• 3 years old          1.2% of taxable value
• 4 years old          0.9% of taxable value
• 5-9 years old       0.45% of taxable value

The value is the price of the vehicle at the time you purchased it. As an example, if you have a 1 year old family car costing $21,000 and a 2 year old sports utility vehicle costing $25,000, your license tax would be $816 plus the regular license fees.

Motor Fuel Tax (per gallon):
  -  40.4 (22 cents - state; 18.4 cents - federal)

Residential Property Taxes
Improved residential property is assessed at about 9.74% of market value. Typical total mill levies for 1998 taxes due in 1999 range between 59 mills and 90 mills varying by school districts and other special taxing districts. Residential real estate taxes are roughly 1% - 1.5% of market value.

For more information:

El Paso County Tax Assessor
27 E. Vermijo Avenue
Colorado Springs, CO 80903-2208
Voice:   (719) 520-6600
Fax:     (719) 520-6635
Hours:   8-5, weekdays

COMPARATIVE DATA AMONG SELECTED STATES

Combined State and Local Taxes of Neighboring States Per $1,000 Income   State Tax Collections Per $1,000 Income   Colorado's Rank in Selected State Taxes Per $1,000 Income

Factors such as sales tax exemptions and graduated rates for income tax are recognized to significantly compromise the use of rates as a method of comparison. As a consequence, nationally and locally recognized public interest research groups have adopted the concept of "effective rate", typically measured by sales or income tax paid per $1000 of personal income. Colorado's effective combined state and local tax rate was among the lowest of the following states for fiscal year 1995-96.

Combined State and Local Taxes of Neighboring States Per $1,000 Income