With tax day quickly approaching, it’s interesting to look at where Colorado tax rates fall in comparison to the rest of the United States. WalletHub* recently performed an interesting analysis of each state’s tax rates.
They found that Colorado falls into the bottom 25% of all fifty states with a median tax rate of 9.41%, compared to the highest taxed state, Illinois, with a 14.54% tax rate. According to their findings, living in Colorado could save the average family $700 a year in taxes.