If you’ve owned a home before, then you know there are a lot of variables that affect the cost of ownership. The good news is that Colorado Springs compares very favorably with other cities its size in most of the key areas.

To help you make accurate comparisons, we’ve already done some the homework for you:

Cost of Living l Cost of Living Calculator/Relocation Package l Taxes

Cost of Living

Everyone wants to know how far their money will go in a new community.

Well, the good news is that Colorado Springs compares very favorably with other cities its size. While no two cities are the same, we can safely say that the cost of taxes, utilities and transportation are well below the national average and cities such as Phoenix, St. Louis, Houston and San Diego.

Groceries and housing are about average, compared to the national index. And healthcare costs compare favorably with other major cities, even those much larger than Colorado Springs.

Following is a chart comparing Colorado Springs to some major cities throughout the United States.

The national average cost for each index area is 100, and the indexes for each place are then calculated based upon their relation to that average.

Taxes & Utilities

In the words of Benjamin Franklin, “In this world nothing can be said to be certain, except death and taxes.”

Thankfully, Colorado Springs has a fairly favorable tax structure compared to many other major cities in the United States.

Following is a breakdown of the various taxes affecting residents in Colorado Springs.

Sales & Use Tax

Sales and use taxes are collected on tangible personal property only. If items are purchased in Colorado, a sales tax is applied. If items are purchased outside of Colorado and no tax has been paid on it elsewhere, a use tax is assessed, equivalent to the sales tax.

Effective Rates:

* Pikes Peak RTA is the Pikes Peak Rural Transportation Authority l Source: Stockman Kast Ryan & Company, January 2005

Utility Taxes

Consumption of gas and electricity is taxed at the same 7.4% rate as other purchases. There are no district utility taxes.

Property Taxes

The state constitution requires that all property be equally assessed and levied. Personal property, i.e., items that are for your use only, is exempt.

El Paso County is responsible for the assessment and collection of all property taxes.

Property taxes have three components: Market Value of Property, Assessment Ratio and Mill Levy.

Market Value of Property:

The County Assessor determines the market value or real property, including real estate.

Assessment Ratio:

The assessment value for residential real property was 7.69% in 2003, payable in 2004. Market values are adjusted every other year.

Mill Levy:

Mill levies are independently set by various taxing authorities; i.e., school districts, library districts, cities, counties and other special districts. The average total mill levy for 2003, for application in 2004, was approximately 67 mills.

The tax calculation is as follows: Market Value x Assessment Level x Mill Levy

Example:

A residential property tax with a market value of $200,000
$200,000 x 0.0796 x .067
Property Tax = $1,067

Other Taxes

The tax for gasoline and gasohol is 22 cents per gallon in greater Çolorado Springs. Special fuels such as diesel or kerosene are taxed at the rate of 20.5 cents per gallon.