We briefly mentioned before that Colorado is one of the states that has a tax on social security benefits.
And it’s true that beneficiaries who are younger than 65 years old can be excluded from up to $20,000 of Social Security benefits. Anything else that is over this amount will be taxed in the state of Colorado. For taxpayers aged 65 and older, all federally taxed Social Security income is deductible beginning this year.
All amounts exceeding $24,000 were previously taxable. Fortunately, there is no inheritance tax or estate tax.
When it comes to property taxes in Colorado, you will pay the median property tax up to $505.