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Colorado Ranks 5th Best State For Home Ownership Due To Low Property Tax
Colorado was ranked as the fifth best state in the nation to own a home, thanks to low property taxes. Colorado property taxes are the ninth lowest in the nation, according to SmartAsset.
The analysis by SmartAsset said that Colorado “lies at the other end of the spectrum,” from New Jersey, which has the highest property taxes in the U.S.
In Colorado, the average effective property tax rate is 0.63 percent, compared with 2.2 percent in New Jersey.
The owner of a $200,000 home in New Jersey would pay an average of $4,400 annually, according to SmartAsset.
“If that same homeowner owned a $200,000 house in (Colorado), she could expect annual taxes to be closer to $1,260,” according to SmartAsset, a technology company based in New York, which crunches data on a variety of topics.
One of the main reasons that Colorado property taxes are so low is because in 1982 voters approved the Gallagher Amendment.
The Gallagher Amendment requires that 45 percent of all property taxes collected must come from residential properties and 55 percent from commercial properties.
In addition, the Gallagher Amendment mandates that the assessment rate for commercial property be fixed at 29 percent, while the residential rate is adjusted each year to keep the 45/55 split constant.
Moving to Colorado and want to buy a home? Call or email me for up to date market information and first hand knowledge of our amazing state. 720-837-8191 / firstname.lastname@example.org
Denver Colorado Realtor - Shae Bordewick. As an experienced real estate agent and a certified negotiation expert, I help buyers and sellers achieve the best price and terms possible. I work throughout the Denver Metro area, but I specialize where I call home, Littleton Colorado. Feel free to call me for a complimentary marketing consultation and let me show you how I can maximize your return on your real estate investment. Shae Bordewick 720-837-191 or email me at email@example.com
As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....
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