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Colorado
Colorado is a state in the western region of the United States, sharing parts of the southern Rocky Mountains with neighboring states. Appropriately, ‘Rocky Mountain High’ by John Denver is the official state song, and it is known as the ‘Centennial State.’ The highest place in the state is Mount Elbert at 14,440 ft. High elevation is a prominent and recurring theme in Colorado; its capital city, Denver, is precisely one mile above sea level.
Colorado should make any nature-lover feel right at home. Skiing, especially, is Colorado’s forte. There is no shortage of slopes for the intrepid skier, with towns and cities like Breckenridge, Aspen, Crested Butte, Vail, Telluride, Steamboat Springs, Silverton, and Winter Park. This last location is known as ‘Ski Town, USA.’
In Colorado, you have the unique chance of being in four different states at one time, the only place in the United States where you can. At the famous Four Corners Monument contains the point in which the states of Colorado, New Mexico, Arizona, and Utah.
The largest employers in the state of Colorado are The University of Colorado-Boulder, Lockheed Martin Space Systems, Presbyterian St. Luke’s Medical Center, and Denver Health.
Housing in Colorado
Right now, the market in Colorado is leaning towards more of a buyers’ market rather than sellers’. The median home value in Colorado is ~$405,000. The market went up 2.9% over the past year and will increase a further 3.8% in the coming 12 months. The median rent prices in Colorado are ~$2,000.
Some of the best places to live in Colorado are its capital, Denver, Vail, Aspen, Aurora, Telluride, Boulder, Littleton, Colorado Springs, and Castle Rock.
Taxes in Colorado
The sales tax in Colorado is 2.9%, although this could potentially be as high as 7% in any city or municipality’s tax rate. This results in one of the higher sales tax rates in the country, usually ranked behind Alabama and Louisiana. In 2018, almost 40 counties in Colorado all raised their sales tax rates.
Based on the Arapahoe County property tax rate of 0.606%, one could expect to pay ~2,500 in property taxes on a home marked with the median value. If you lived in Vail, however, this could be lower, at 0.448%, so it depends on where you would set down roots. Vail’s (Eagle County) property tax rate is much lower than the national average, proving to be a cost-efficient decision when moving. This could mean the difference between paying the county’s rate of ~$1,800 to the country’s standard rate of ~$4,400. The state income tax rests at a flat rate of 4.63%.
Useful Links
- Colorado Tax Calculator
- The State of Colorado Official Site
- Colorado Board of Accountancy
- Colorado Secretary of State: Business Organizations
- Colorado Department of Revenue: Taxation Division
- NASBA: Colorado, Applying for the Uniform CPA Examination
- American Institute of Certified Public Accountants