Property taxes in the state of Colorado are a tax on the very rich.
The average property tax in the US is over $1,000 per year, according to a new report by the Property Tax Foundation.
Property taxes were one of the top 10 causes of state income tax revenue in 2012, according a study by the Colorado Department of Revenue.
Colorado residents pay about $5,000 in property taxes every year.
The cost of taxes in 2017 is expected to be about $3.3 billion, according the Property Taxes Foundation.
The foundation said Colorado’s state revenue in 2017 was $7.9 billion.
“Colorado is the most expensive state in the country to live in for homeowners,” the report said.
“There is a significant disparity between the cost of living in Colorado and the cost to live anywhere else in the United States.”
Property taxes are collected in many different ways, including property tax levies, property taxes on structures, property assessments, and assessments for other buildings.
The tax on land is also very high.
According to the Property TAFF website, property tax rates are higher in Colorado than in most other states.
The Tax Foundation found that the average property in Colorado is assessed at $1.8 million.
The state’s average property value in 2017 stood at $2.2 million.
“If you are living in a high-cost city like Denver, you’re going to pay higher taxes,” said Jeff Buhner, a tax lawyer with Buhners Law Firm in Boulder.
“Property taxes in Denver are the highest in the nation.”
Property tax levying is the main source of revenue in Colorado, but the tax on buildings and structures are also very significant.
According the Tax Foundation, Boulder, Boulder County, and Colorado Springs had the highest property tax collections for 2017.
“We’re a very low-income state,” Buhns said.
Buhs Law Firm also has offices in Denver and Denver’s downtown.
“People are struggling to pay the taxes they owe,” he said.
The Colorado Tax Commission said the average amount of property tax that residents pay is $7,711 per year.
In 2018, the average cost of property taxes is expected at $3,811 per property.
The Property Tax Fund said the amount of taxes collected in Colorado was $5.3 million in 2018, which is $3 million more than the previous year.
Burchill of the Tax Fund, however, said the state revenue was higher than the $3 billion projected.
The Foundation also said the tax burden was significantly lower in Colorado.
“In 2018, we were projected to collect $541 million in taxes on properties,” Burchills said.
According a new Tax Foundation study, in 2016, Colorado had the fourth highest tax burden in the U.S., after California, New York, and Massachusetts.
“What we are seeing in 2017 and 2018 is the very lowest tax burden we have seen in the past decade,” said John Vercruys, director of research at the Tax Policy Center.
“And it is largely due to a combination of new technology and better technology, as well as tax reform.”
Colorado also has some of the most progressive property tax policies in the world.
Burtons Law Firm and other tax attorneys have worked on cases involving thousands of dollars in property tax penalties.
The study said that in 2016 alone, the Tax Commission collected more than $7 million in property-tax penalties.
“The Tax Commission has worked to reduce the amount and scope of penalties assessed in Colorado since it became a tax jurisdiction in 1996,” the Tax Review website said.
In 2016, the state collected $6.4 million in penalties, but a tax consultant who has worked with the Tax Reform Foundation said the actual number could be much higher.
“They could be right on the low end of the $6-7 million range, but we are not able to say that because we do not have data,” said Richard J. Schulte, director and principal at the Property Research and Education Center in Colorado Springs.
The report noted that in 2015, the tax agency collected more then $10 million in tax fines, according for-profit companies and individuals.
“That money went to support the tax reform efforts,” Burtis said.