Colorado vs Wyoming
Property Tax Comparison: Colorado vs. Wyoming
Introduction
Both Colorado and Wyoming are western states with relatively low property‑tax burdens compared with the national average. Using the most recent data from the U.S. Census Bureau’s 2023 American Community Survey (5‑year estimates), this article presents a side‑by‑side comparison of key property‑tax metrics, identifies which state has the lower effective tax rate, and outlines the types of residents for whom the information may be most relevant.
Side‑by‑Side Comparison
| Metric | Colorado | Wyoming |
|---|---|---|
| Effective property‑tax rate | 0.49 % | 0.58 % |
| Median home value | $502,200 | $285,100 |
| Median annual property tax | $2,448 | $1,659 |
| Property tax on a $250,000 home | $1,219 | $1,455 |
| Property tax on a $500,000 home | $2,438 | $2,909 |
| Median household income | $92,470 | $74,815 |
| Reference | According to the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates) | According to the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates) |
Which State Wins on Property Tax?
Winner (lower tax rate): Colorado
- Effective tax‑rate difference: Colorado’s rate of 0.49 % is 0.09 % lower than Wyoming’s 0.58 %. This represents a 16.22 % relative difference.
- Annual tax difference on a $250,000 home: $1,455 (WY) − $1,219 (CO) = $236.
- Annual tax difference on a $500,000 home: $2,909 (WY) − $2,438 (CO) = $471.
The lower effective tax rate in Colorado results in smaller annual property‑tax bills for comparable home values, even though Colorado’s median home price is higher than Wyoming’s.
Who Is This Comparison Most Useful For?
| Audience | Why the data matters |
|---|---|
| Current or prospective homeowners | Determines the ongoing cost of owning a home in each state, which can affect affordability calculations. |
| Retirees | Property taxes are a significant component of fixed‑income budgets; a lower effective rate may preserve retirement savings. |
| Real‑estate investors | Understanding tax differentials helps evaluate after‑tax cash flow and return on investment for rental properties. |
| Policy analysts & local officials | Provides a concise benchmark for evaluating state‑level tax policy relative to median incomes and home values. |
The comparison is factual and does not incorporate personal preferences such as climate, lifestyle, or other state‑level taxes (e.g., income or sales taxes). Readers should combine this information with other cost‑of‑living factors when making relocation or investment decisions.
Additional Resources
- Detailed information on Colorado’s property‑tax system: Colorado property tax
- Detailed information on Wyoming’s property‑tax system: Wyoming property tax
Summary
Based on the most recent ACS estimates, Colorado has a lower effective property‑tax rate (0.49 %) than Wyoming (0.58 %). This translates into modest annual savings of $236 for a $250,000 home and $471 for a $500,000 home. The data are particularly relevant to homeowners, retirees, and investors assessing the ongoing cost of property ownership in these 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.