Can This Be True? Colorado Has the 3rd Lowest Real-Estate Property Taxes in the Country
The houses may be expensive, as in "are we competing with California?", but it turns out the property taxes in Colorado aren't so bad.
According to Zillow "the average Colorado home value is $529,219, up 4.1% over the past year." That's about $200,000 over the national average. There are several homes in Fort Collins for $500,000 and under, some of them even have 4 or 5 bedrooms.
So how much money do you need to make in order to afford the average Colorado home? Indeed says "an income of $113,000 per year is the minimum salary needed to afford a $500K mortgage".
So, let's say you can afford a home in Colorado, now you get a little break compared to the national average. The break is on your property taxes.
Wallethub says "each year, the average American household spends $2,690 on real-estate property taxes plus another $444 for residents of the 26 states with vehicle property taxes." They released their 2023’s Property Taxes by State report that compares home and vehicle taxes across the nation.
Lucky for us, Colorado ranks 3rd Lowest for Real-Estate Property Tax coming in at $1,243. Property taxes help to pay for the things we want to be better in our community. Public services like schools, libraries, fire departments, and police benefit from the property taxes we pay.
Timothy Harris at the University of Maine School of Law said "If higher taxes are coincident with better government services, property values are generally higher and communities are more livable. People considering relocating should consider whether lower taxes mean fewer transportation options and reduced government services."