Denver Real Estate News - Colorado State Tax
Colorado residents will be happy to know they can now track now much taxes they pay AND where the money goes! The Colorado Department of Treasury has unveiled a very cool new website call Tax Tracks.
First start with adding in your Annual Adjusted Money Income, click continue and colorful pie charts will show you where and what your money is spent on.
The information doesn't end with the pie charts. Click on a "type of tax" and a description of that tax is provided.
For instance, it's very nice to know that Colorado has a "flat income tax" and is only one of seven states in the U.S. that does! Colorado Income Tax is 4.6% of your modified federal taxable income, regardless of your income level.
How is Your Colorado State Tax Money Spent?
The average amount of state income taxes paid in Colorado was $2,027, so you can compare your tax bill to the average.
Following the trail of information, you can also vote on whether you feel each category of tax allotment is the 1) right amount 2) too little 3) too much.
I must admit it really gets one to thinking of our taxes in a different way. Which one of these services would you be willing to live without? Any? Which one of these services needs moderating by you?
Education receives the highest amount of our taxes, is it delivering the results we want?
Of course these questions can only be answered by you. I know for a fact the quality of our education has directly related to property values. The better the school district, the stronger the neighborhood/property values are. Oops, off on a tangent here!
Colorado State Tax Resource for Denver Relocation Personnel Too
Kudos to the Colorado State Treasurers Department and the good folks who have developed this interactive tool. I see many uses for it, not just residents, but people relocating to Metro Denver too! It's a perfect tool for comparing the cost of living from one State to the next.
Since my business is selling Denver real estate, I'm delighted to find this resource as my job just got easier!
Thank you Colorado!