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Thank you for your excellent explanation!

For comparison, the annual property tax on real estate in Colorado for a private house valued at about $230,000 is around $1200. This is on the low end of the tax scale in the U.S. There is no transaction tax involved in purchasing a house (other than some small fees), but if it increases in value during your ownership of it then you have to account for capital gains tax after selling.

Real estate scams here involve getting your property listed as agricultural or unimproved land, which have very low tax rates. This generally involves a shady deal with the local tax office, and is quite common.

by asdf on Tue Jun 14th, 2011 at 05:20:24 PM EST
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