I’ve talked to many clients who are planning on buying a home in Colorado. They’ve all been told that a home in Colorado costs the same in value as a home in Utah or Wyoming, and that is true. But the most important thing is that the tax form is printed in colorado state.
Colorado state taxes are the same regardless of where you live. It’s just that the people who print the tax forms and file them and the people who have to deal with taxes and pay them are different. In Colorado, it is the state government, not the local government.
I want to tell you a story about a client of mine who was told that a home in Utah or Wyoming would be priced 15% higher than a home in Colorado. I asked him why he thought that so his answer was very enlightening. “Because my taxes are different”. Which made me think maybe the client should be thinking about the taxes his home is going to see from his state, instead of thinking about how he’s going to pay them.
Colorado is the home of the state government. If you have a home in Colorado, you are paying taxes for it. This is why your state tax form is different than those of your neighbors. I do not think that most homebuyers understand the tax implications of buying a home in Colorado.
Colorado is definitely the home of big tax bills. If you don’t know, that’s because your state tax form is different than those of your neighbors. Which can make it difficult to know how you’re going to pay in order to keep your home in the state. In Colorado, you can have your taxes paid on time, and in a few months, and you don’t have to pay anything.
Colorado is a “no-fault” state. It means that the burden of taxes on your home is shared by the city, county, state, and federal governments. For example, your Colorado state tax form has a “Section 5 Section 5 liability,” basically meaning that if you owe a lot of money to the city, you can still get your taxes paid if you have a few hundred thousand dollars worth of assets.
In the new tax forms for 2016, you can see the state’s new tax liability is a whopping $40,000. The reason? While the state tax forms for 2015 and 2014 were filed already, the state tax forms for 2016 are completely new. So you have to pay.
This was an easy one to forget. The state tax forms are a completely new format for filing taxes. The reason is because the IRS only requires tax forms to be filed on a quarterly basis, not once a year as with the regular state forms. So the new state tax forms are simply blank sheets that need to be filled out.
So you actually need to fill out your tax forms in order to get your state tax forms filed. It’s a pain. I think the easiest way to remember this is that all federal tax forms are filed on the federal form, and the state tax forms are all filed on the state form.
The new state tax forms are not as easy to fill out as the regular state forms, but they don’t take up as much space. I think the reason is that they take the same template and simply change the year, so you can do the same things you did before. On the other hand, if you’re moving from one state to another, you have to start from scratch.