DENVER (KDVR) — Colorado has one of the lowest property tax burdens in the country, depending on the city.
Legislators are currently considering ways to keep residents from being stuck with unmanageable property tax burdens. The average assessed value of a property will balloon by 26.5% this year, according to a state economic forecast. Potentially, this could add hundreds or thousands to the yearly property tax bill, which would especially endanger Coloradans on fixed incomes.
Property taxes in Colorado are some of the lightest in the nation, according to an analysis of U.S. Census data by the Tax Foundation.
In 2020, Colorado homeowners paid 0.54% of their home’s value in property taxes. This is the nation’s third-lowest percentage. Only Alabama and Hawaii homeowners paid lower percentages of their home value in taxes.
Most of the western U.S. has similarly low tax rates. Wyoming, Utah, Nevada, Arizona and New Mexico are each in the bottom 15 states for property taxes. Southeastern states including Alabama, Louisiana and South Carolina have comparatively low rates.
Mid-Atlantic, Midwestern and New England states have the highest. In New Jersey, homeowners paid 2.21% of their home’s value in property taxes. Illinois, New Hampshire, Vermont and Connecticut round out the top five.
Coloradans pay different amounts depending on the city, each of which set its own rates for property taxes.
Boulder homeowners paid a median of $3,395 in real estate taxes in 2021, the highest amount among Colorado metro areas. Denver-Aurora-Lakewood homeowners paid a median of $2,682.
Colorado Springs homeowners pay on the lower end of the national spectrum, with a median real estate tax payout of $1,632. In Pueblo, homeowners paid $1,248, near the lowest amount in the nation.