Unlike other states in the U.S., the state of Colorado charges a uniform income tax rate of 4.63 percent, irrespective of the level of income. According to the Colorado tax guide, the due date for filing returns is April 15. If this falls on a holiday or a weekend, the next working day is the due date. Electronic filing of returns is possible.
In case of sales tax, Colorado charges 2.9 percent tax on retail sales. Earlier, taxable products and services were limited to a few items. But because of budgetary needs, more and more additions are being made to the taxable list. Of course, counties and districts might charge their own taxes which increase the overall tax rate. One can find the applicable rate by using the Colorado Revenue Department’s online tool.
All business property, both personal and real estate is taxable in this state. Furniture, equipment and computers are a few items that are considered as personal business property as they contribute to income generation.
Each county has an assessor who reviews property value. The assessor uses any of three approaches – market, income and cost. The tax is calculated as a percentage of the property value that is, rate multiplied by value. The responsibility of collecting the property tax lies with the county treasurer.
One can clarify doubts by calling the property tax office or checking on the county’s website.
Taxpayers with income on the lower side, the aged and the disabled are offered rebate on property taxes, for which they have to fill a form 104PTC.
There is no tax on intangible property.
According to the Colorado tax guide, there is no tax on estates of people who have died after December 31, 2004. However the state levies a tax on the income of estates. This tax called fiduciary income tax is charged at 4.63 percent, the income tax rate. Even those estates which are not based in Colorado but source at least a part of the income from the state also have to file a return.
Earlier when people transferred their property rights to others in the form of gifts, there used to be a gift tax levied. But there are no taxes for transfers effective from 1980.
The Colorado tax guide also states that income money which is contributed to any of the stipulated charitable programs is exempt from tax. The U.S. state was first to introduce such a program.
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Internal Revenue Service P.O. Box 7704 San Francisco, CA 94120-7704 |
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