Are you ready to move to Colorado and start your new venture in our thriving tech scene? That’s a fantastic idea. There are more than 4,000 startups and millions of dollars in funding available to help these companies grow, hire and build new tech that will make a difference in peoples’ lives around the world. While the opportunities are vast, you may be wondering about the practicalities of working and living here such as Colorado taxes.
Understanding how our taxes work is an important piece of knowledge when comparing us to other tech-heavy cities such as San Francisco, Los Angeles or Boston.
Comparing Colorado Taxes to Other Tech Hubs
In the Denver area, our stats stack up pretty well (in a seriously unbiased comparison) against other metropolitans. For example, our cost of living is, on average, 30% lower than coastal cities. That means more bang for your buck, especially when you consider that many companies are paying comparable salaries to those other locations.
We also have access to plenty of funding. In fact, according to Crunchbase, on a yearly basis, the dollar volume increased from $781 million in 2016 to $1.27 billion in 2017 in Colorado. That dollar volume total went up again in 2018, reaching a historic high of $1.9 billion.
But we’re not here to sell you on the state since you’re likely already pretty close to making your move. Here is the landscape of our taxes and a comparison to the other popular tech towns.
Taxes by State
Income Tax: Flat rate of 4.63%
Property Tax: 7.20%
Sales Tax: 2.9%
Income Tax: Range from 1% to 12.3%
Property Tax: 0.79%
Sales Tax: 7.25%
Income Tax: 5.05%
Property Tax: 1.21%
Sales Tax: 6.25%
Taxes by City
Property Tax: 0.53%
Sales Tax: 8.31%
Property Tax: 7.96%
Sales Tax: 8.845%
Los Angeles Taxes
Property Tax: 1.16%
Sales Tax: 9.5%
San Francisco Taxes
Income Tax: 1.50%
Property Tax: 1.1880%
Sales Tax: 8.5%
Sales Tax: 6.25%
Property Tax: 1.048%
What Do You Get for Your Taxes
Actually, a lot.
When it comes to schools, Massachusetts may outrank us in Kindergarten through 12th-grade education (they are number 1 on the list, after all) but Colorado is not too far behind, coming in at number 11. California is 10 spots behind us at number 21.
We also are a destination area for outdoor enthusiasts. Sure, California and Massachusetts are located on the coasts, so they have beaches. That’s definitely a benefit, but we have amazing parks, an unbeatable climate, and some of the best ski slopes in the country. And these are literally in your backyard.
And let’s not forget, we have great public transportation. That’s a huge bonus especially as the population continues to grow. You’ve heard the rumors and probably seen the movies portraying the hellish traffic in Los Angeles, for example. Well, you can avoid all that in Denver.
Overall, Colorado taxes are fair and you get a lot of amazing perks living in this part of the country. If you’re looking for opportunities and are ready to make your move, check out what we have to offer today!
Here at BWBacon Group, we know and live what you are experiencing as an employer or job seeker in Denver, Boulder, Dallas, San Francisco, New York City or any of the other cities we work in. We believe great recruiting starts and ends with understanding people.
If you have any questions about living, working or playing any of the areas we serve, please contact us. We are happy to help. Seize the day, every day, that’s what we say!