Colorado vs Missouri
Property‑Tax Comparison: Colorado vs. Missouri
Intro
Both Colorado and Missouri levy property taxes that fund local services such as schools, roads, and public safety. According to the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates), the two states differ considerably in effective tax rates, home values, and the resulting annual tax bills. The data below allow a side‑by‑side assessment of the fiscal impact for typical homeowners in each state.
Side‑by‑Side Metrics
| Metric | Colorado | Missouri |
|---|---|---|
| Effective property‑tax rate | 0.49 % | 0.88 % |
| Median home value | $502,200 | $215,600 |
| Median annual property tax | $2,448 | $1,887 |
| Property tax on a $250,000 home | $1,219 | $2,188 |
| Property tax on a $500,000 home | $2,438 | $4,376 |
| Median household income | $92,470 | $68,920 |
Sources: According to U.S. Census Bureau data (2023 ACS 5‑year estimates).
Who Wins on Property‑Tax Burden?
Colorado has the lower effective property‑tax rate (0.49 % vs. 0.88 % in Missouri), representing a 0.39 percentage‑point difference or a 44.30 % lower rate. Consequently:
- On a $250,000 home, Colorado owners pay $969 less per year than Missouri owners.
- On a $500,000 home, the annual difference widens to $1,938.
Because the tax rate is the primary driver of these differences, Colorado is the “winner” in terms of lower property‑tax burden.
Which Audiences May Find This Comparison Most Relevant?
| Audience | Relevance of Findings |
|---|---|
| Current or prospective homeowners (median‑priced properties) | The lower effective rate in Colorado reduces the proportion of home value that must be paid annually, even though Colorado’s median home price is higher. |
| Retirees on fixed incomes | A lower tax rate can lessen the cash‑flow impact of property taxes, making Colorado potentially more attractive despite higher home values. |
| Investors evaluating cash‑on‑cash returns | Lower tax outlays in Colorado improve net operating income for rental properties, all else equal. |
| Policymakers and analysts | The data illustrate how differing tax structures affect the overall tax burden relative to household income. |
Additional Resources
- Detailed information on Colorado’s property‑tax system: Colorado property tax
- Detailed information on Missouri’s property‑tax system: Missouri property tax
Summary
Based on the most recent ACS estimates, Colorado’s effective property‑tax rate of 0.49 % is substantially lower than Missouri’s 0.88 %. This rate advantage translates into lower annual taxes on both $250 k and $500 k homes, despite Colorado’s higher median home values and household incomes. Stakeholders such as homeowners, retirees, and real‑estate investors can use these figures to assess the relative cost of property ownership in the two states.
Explore More Comparisons
Discover how property taxes compare across all states in our comprehensive comparison guide.
Data Source
All figures are drawn from the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates). This comprehensive dataset provides reliable, standardized property tax information across all states.