Colorado continues to rank favorably in national surveys of tax friendliness. However, La Plata County and Durango are even more competitive than the state of Colorado. Contact us to find out more about how La Plata County’s and Durango’s competitive tax rates can give your business a leg up as you start and grow your company.
Corporate and Individual Taxes
The Corporate Income Tax rate in Colorado is a flat 4.63%. This was reduced nearly nine years ago from 4.75%. Colorado now rank ninth lowest of all states that have Corporate Income Tax. The state ranks among the top-20 states (17th) for best corporate tax system and business-friendly tax climate, according to the Tax Foundation’s 2020 State Business Tax Climate Index.
La Plata County Property Tax
In Colorado, property tax is imposed at the county level on real and personal property based on its assessed value and the local tax districts providing services to the area.
The mill levy is the tax on each $1,000 of assessed value for the property (actual value x assessment rate / $1,000 x mill levy).
Commerical and industrial property is assessed at 29% of market value. Residential property in La Plata County Property is assessed at 7.95% of market value.
Sales taxes vary by jurisdiction. Sales taxes will range from 4.9% – 8.4% in La Plata County, depending on where you shop.
State of Colorado Sales Tax: 2.90%
La Plata County Sales Tax: 2.90%
City of Durango Sales Tax: 3.50%
Town of Bayfield Sales Tax: 3.00%
Town of Ignacio Sales Tax: 3.00%
Total Sales Tax in Bayfield: 7.9% (State, County, Town)
Total Sales Tax in Durango: 8.4%
Total Sales Tax in Ignacio: 7.9%
Most cities in Colorado use impact fees to recoup costs associated with new growth. These fees help keep property and sales taxes lower for residents and businesses. The City of Durango collects impact fees for streets, water, sewer, and parks.
Additional information for impact fees can be found here: