How Colorado Taxes Retirees

Описание: Colorado is quite reasonable for retirees when it comes to the taxes they pay.

I was somewhat surprised by this given what I thought was the political shift to the left in CO due to the amount of transients moving in from California.

From a property tax perspective the tax rate is VERY low. If you've been following my channel you know that my preference for retirees is a LOW property tax even if you're in a state with a high income tax.

The reason for this is that the tax you pay on income can be easily manipulated, to your benefit. But your property is your property. You can't move your home.

So, given Colorado's favorable tax on property, this is a good thing.

Secondly, they have significant deductions and exemptions for income tax for retirees as well.

I ran a calculation for a couple born in 1953 with $25k Social Security and $25k IRA distributions and they pay all of $98 in income tax. That, my friends, is not too shabby.

Where CO really gets you is the sales tax. Not from the state perspective though. You've got to understand this. If you just look at the state sales tax you may be inclined to think sales taxes are low in CO.

You'd be wrong. It's the county that gets you. So, before you relocate to CO, make sure you understand the COUNTY sales tax.

All in all, CO is quite favorable towards retirees.

https://taxfoundation.org/state/color...
https://smartasset.com/retirement/col...
https://www.kiplinger.com/tool/retire...
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