Home Buyer News

Even with home prices among highest in U.S., Colorado property tax bills remain cheaper than most

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Homes prices increase, but rents remain at record highs. october 6th, the cost of rent in high-demand areas has risen to the point that buying a home is often cheaper than renting a house or apartment. That shifts the housing market significantly, and is likely to put increased pressure on.

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And sales tax in New Jersey (mostly 7% but 3.5% in designated municipalities) is higher than in Colorado (2.9%). Property taxes in New Jersey are the highest among all the states in the country (as measured by percent of home value paid for median home value in the state). Since Colorado is in the bottom expense quartile among states with.

SmartAsset, the New York-based personal finance company, today released a report that looks at the places in the state where people are getting the most for their property tax dollars.

While Colorado’s "average" home cost is likely skewed by booming prices in Denver, the results reveal a conclusion that isn’t unexpected – owning in Colorado is pricy. The general trend of the analysis was predictable – that homes in Midwest America tend to be the most affordable, getting more expensive and requiring higher salaries.

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A good rule of thumb is that property taxes in El Paso County tend to be around 0.6% of market value, e.g., for a $300k home the taxes will usually be in the ballpark of $1800.00 to $2000.00 Taxes in El Paso County tend to be among the lowest in the Front Range

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Still, we are one of the lowest property tax states in the country, which does contribute to our higher property values. Look at states like Illinois where you get a lot of house/land for the money, but then you end up paying almost 10x as much per year as you would in Colorado.

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