Colorado vs Minnesota Taxes: Income, Property & Sales

Does Colorado or Minnesota have lower taxes? We answer that in a variety of ways below:

Colorado vs Minnesota Income Tax Comparison

	Colorado	Minnesota
Income Tax Rates & Thresholds	4.40%	5.35%: $0-$28,080 6.80%: $28,081-$92,230 7.85%: $92,231-$171,220 9.85%: $171,221+
Median Income	$89,930	$90,390
Income Tax Paid On Median Household Income	$16,055	$17,516
Income After Tax Based on Median Household Income	$73,875	$72,874

Top Accounting Software:

Colorado vs Minnesota Property Tax Comparison

	Colorado	Minnesota
Average Property Tax Rate	0.40%	0.90%
Average House Price By State	$555,300	$336,279
Average Property Tax Owed Per Year	$2,221	$3,027
Income After Income Taxes & Property Taxes Based On Median State Household Income	$71,654	$69,847

Colorado vs Minnesota Sales Tax Comparison

	Colorado	Minnesota
Average State Sales Tax	2.90%	6.88%
Average Local Sales Tax Across the State	4.87%	0.61%
Average Combined Sales Tax Rate	7.77%	7.49%
Maximum Amount of Sales Tax Paid Based on Median Household Income	$5,166	$4,867
Maximum Disposable Income Based on Median Household Income	$66,488	$64,980

After Tax Comparison Earning $40,000 Per Year Filing As Single

	Colorado	Minnesota
Income Tax Owed	$4,271	$4,490
After Tax Income	$35,729	$35,510
Income After Income & Property Tax	$33,508	$32,483
Maximum Disposable Income After Income, Property & Sales Taxes	$31,092	$30,220

After Tax Comparison Earning $60,000 Per Year Filing As Single

	Colorado	Minnesota
Income Tax Owed	$8,109	$8,763
After Tax Income	$51,891	$51,237
Income After Income & Property Tax	$49,670	$48,210
Maximum Disposable Income After Income, Property & Sales Taxes	$46,089	$44,851

After Tax Comparison Earning $80,000 Per Year Filing As Single

	Colorado	Minnesota
Income Tax Owed	$13,419	$14,523
After Tax Income	$66,581	$65,477
Income After Income & Property Tax	$64,360	$62,450
Maximum Disposable Income After Income, Property & Sales Taxes	$59,720	$58,099

After Tax Comparison Earning $100,000 Per Year Filing As Single

	Colorado	Minnesota
Income Tax Owed	$18,729	$20,283
After Tax Income	$81,271	$79,717
Income After Income & Property Tax	$79,050	$76,690
Maximum Disposable Income After Income, Property & Sales Taxes	$73,350	$71,347

After Tax Comparison Earning $100,000 Per Year Filing As Married Filing Jointly

	Colorado	Minnesota
Income Tax Owed	$11,852	$12,931
After Tax Income	$88,148	$87,069
Income After Income & Property Tax	$85,927	$84,042
Maximum Disposable Income After Income, Property & Sales Taxes	$79,732	$78,186

After Tax Comparison Earning $150,000 Per Year Filing As Married Filing Jointly

	Colorado	Minnesota
Income Tax Owed	$24,182	$26,386
After Tax Income	$125,818	$123,614
Income After Income & Property Tax	$123,597	$120,587
Maximum Disposable Income After Income, Property & Sales Taxes	$114,686	$112,185

After Tax Comparison Earning $200,000 Per Year Filing As Married Filing Jointly

	Colorado	Minnesota
Income Tax Owed	$37,457	$40,903
After Tax Income	$162,543	$159,097
Income After Income & Property Tax	$160,322	$156,070
Maximum Disposable Income After Income, Property & Sales Taxes	$148,763	$145,195

After Tax Comparison Earning $250,000 Per Year Filing As Married Filing Jointly

	Colorado	Minnesota
Income Tax Owed	$51,651	$56,747
After Tax Income	$198,349	$193,253
Income After Income & Property Tax	$196,128	$190,226
Maximum Disposable Income After Income, Property & Sales Taxes	$181,987	$176,971

FAQ

Does Colorado or Minnesota have lower income taxes?

Colorado’s income tax falls into the following range: 4.40%

Whereas Minnesota’s income tax is the following

• 5.35%: $0-$28,080
• 6.80%: $28,081-$92,230
• 7.85%: $92,231-$171,220
• 9.85%: $171,221+

Does Colorado or Minnesota have lower property taxes?

Colorado has an average property tax rate of 0.40%

In comparison, Minnesota has an average property tax rate of 0.90%

Does Colorado or Minnesota have lower sales taxes?

Colorado has a state sales tax rate of 2.90% and an average local rate of 4.87% for a combined total rate of 7.77%.

In contrast, Minnesota has a state sales tax rate of 6.88% and an average local rate of 0.61% for a combined total rate of 7.49%.

Do you get to keep more money in Colorado or Minnesota?

Based on median household income after income, property and sales taxes Colorado gives you a maximum amount of disposable income of $66,488

In comparison, Minnesota gives you $64,980.

More Comparisons:

Colorado vs South Carolina
Colorado vs Alabama
Colorado vs Louisiana
Colorado vs Kentucky
Colorado vs Oregon

Sources:

https://en.wikipedia.org/wiki/State_income_tax#Rates_by_jurisdiction

https://www.bankrate.com/real-estate/property-tax-by-state/#by-state

https://fred.stlouisfed.org/release/tables?eid=259515&rid=249

https://www.fool.com/the-ascent/research/average-house-price-state/

https://taxfoundation.org/data/all/state/2022-sales-taxes/

https://www.forbes.com/advisor/income-tax-calculator/