![]() ![]() Taxpayers who itemize deductions federally, and claim this deduction, must add it back to their Colorado taxable federal income tax return. Another is the deduction for state income taxes (also known as the SALT deduction). One is that taxpayers who make donations to charity, but do not itemize deductions on their federal return, may be able to deduct those donations on their Colorado state income taxes. There are a couple of exceptions to this. This means that taxpayers who do not itemize deductions on their federal income tax return do not have the option to do so on their state return conversely, taxpayers who do itemize deductions federally must claim the same deductions on their state return. That 4.40% applies to Colorado taxable income, which is equal to federal taxable income. Colorado’s income tax is also fairly average when compared to the top rate of those states with a progressive income tax. Among these states, Colorado’s rate ranks in about the middle of the pack. There are eight other states with a flat income tax. ![]() The state income tax in Colorado is assessed at a flat rate of 4.40%, which means that everyone in Colorado pays that same rate, regardless of their income level. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. The state’s property tax rates are among the nation’s lowest, with an average effective rate of just 0.48%.Ī financial advisor can help you understand how taxes fit into your overall financial goals. On the other hand, homeowners in Colorado get a break on real estate taxes. When considering these local taxes, the average Colorado sales tax rate is 7.77%. However, because of numerous additional county and city sales taxes, actual combined rates can be as high as 11.20%. The Centennial State has a flat income tax rate of 4.40%, and one of the lowest statewide sales taxes in the country, at just 2.90%. Gas tax: 22.0 cents per gallon of regular gasoline, 20.5 cents per gallon of diesel.Property tax: 0.48% average effective rate. ![]()
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