Colorado Ranks as Having 7th Lowest Tax Rate of Any State

DENVER ~ Denver, Colorado has been recognized as having the 7th lowest effective tax rate in the United States, according to a recent analysis conducted by WalletHub. The study, which examined Real-Estate Tax, Vehicle Property Tax, Income Tax, and Sales & Excise Tax, found that Colorado has lower taxes than all of its neighboring states except Wyoming. Additionally, Colorado was found to have lower taxes than other states that claim to have low tax rates, such as Florida (ranked 9th) and Texas (ranked 42nd).

Governor Jared Polis expressed his pride in the state's efforts to reduce taxes for its residents. "Income tax cuts and saving people money has been one of my top priorities since day one," said Governor Polis. "I'm proud of the work Colorado has done to reduce taxes for everyone."

Under Governor Polis' leadership, several laws have been signed to decrease taxes in the state. These include SB26-010 which helps farmers, ranchers, and rural communities by saving them money on property taxes. Another law, SB24-233, reduces the improved commercial and agricultural assessment rates from 29% down to 25% by Tax Year 2026.

The Family Affordability Tax Credit (HB24-1311) is another measure that gives money back to families with children under the age of 17 when there is a TABOR surplus. This has helped cut child poverty rates by nearly 41%. Additionally, HB24B-1001 accelerates assessment rate reductions for improved commercial and agricultural properties to 25% by 2025 and expands these reductions to other classes of property by Tax Year 2027.

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In a show of bipartisan support, SB22-238 was passed to reduce nonresidential property assessment valuation from 29% to 27.9% in 2023 and extend lower rates for agriculture and renewable energy properties into 2024. Another law, HB22-1055, ended the state sales and use tax on feminine hygiene products and diapers.

One of the most significant measures signed by Governor Polis is HB21-1311, which closes tax loopholes for special interests and puts more money into the pockets of Coloradans. This legislation eliminates all income taxes on social security for seniors over the age of 65 and provides tax relief to families with young children through the Colorado child tax credit. It also doubles Colorado's Earned Income Tax Credit, benefiting an estimated 320,000 hard-working families in the state.

Another law that provides relief to small businesses is HB21-1312, which exempts tens of thousands of small businesses from having to pay or file Business Personal Property taxes on their personal property. This will save these businesses thousands of dollars annually.

Governor Polis remains committed to finding opportunities for additional revenue-neutral income tax cuts for Coloradans. With these recent measures in place, Colorado continues to be a leader in reducing taxes and helping its residents keep more of their hard-earned money.

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