Tax Comparison: Guffey, CO vs Prince frederick, MD
Understanding Your Tax Burden
This page compares the three main types of taxes between Guffey, CO and Prince frederick, MD: property tax, income tax, and sales tax. Each of these has a different impact on your overall cost of living.
Property Tax Comparison
Property taxes are collected by local governments and used to fund schools, infrastructure, and other local services. They're typically based on the assessed value of your property.
Our property tax estimates are based on:
- U.S. median home value: $419,200 (2023 data)
- Local effective tax rates for both cities
Guffey, CO
$1,438
Based on a $419,200 home
Rate: 0.3431%
Prince frederick, MD
$3,674
Based on a $419,200 home
Rate: 0.8764%
| Data | Guffey, CO | Prince frederick, MD |
|---|---|---|
| Effective Property Tax Rate | 0.3431% | 0.8764% |
| Estimated Property Tax | $1,438 | $3,674 |
| Home Value Used | $419,200 | $419,200 |
Comparison: Property taxes in Guffey, CO are $2,236 lower than in Prince frederick, MD for the same home value.
State Income Tax Comparison
Income tax rates and brackets vary by state, impacting residents' overall tax burden. The estimates below are based on standard deductions and typical filing scenarios.
Our income tax estimates consider:
- Single filer: $100,000 annual income
- Married couple: $200,000 combined income
- Median income: $80,600 annual income
CO
4.4%
Single: $4,400
Married: $7,920
MD
2%-5.75%
Single: $4,581
Married: $8,246
| Data | CO | MD |
|---|---|---|
| Tax Rate | 4.4% | 2%-5.75% |
| Single Filer ($100k) | $4,400 | $4,581 |
| Married Couple ($200k) | $7,920 | $8,246 |
| Median Income ($80.6k) | $3,547 | $3,829 |
Comparison: Income taxes in CO are $282 lower than in MD for the median household income.
Sales Tax Comparison
Sales tax rates vary by location and can have a significant impact on your day-to-day expenses. These include state, county, city, and special district taxes that together form the total sales tax rate.
Our sales tax estimates consider:
- Average household taxable spending: $15,500 per year
- Combined state and local rates for both cities
Guffey, CO
11.200%
Combined rate
Annual sales tax: $1736
(Based on $15,500 spending)
Prince frederick, MD
6.000%
Combined rate
Annual sales tax: $930
(Based on $15,500 spending)
| Data | Guffey, CO | Prince frederick, MD |
|---|---|---|
| State Sales Tax | 2.90% | 6.00% |
| Combined Sales Tax | 11.200% | 6.000% |
| Annual Tax Amount | $1,736 | $930 |
Comparison: Shopping in Prince frederick, MD costs $806 less in annual sales tax than in Guffey, CO for the average household.
Tax Comparison Insights
Tax Insights: Guffey vs Prince frederick
- Property Tax: Guffey has a 0.5333 percentage points lower effective property tax rate than Prince frederick.
- Income Tax: Living in CO could save you approximately $282 in state income taxes for a median household income.
- Sales Tax: The combined sales tax rate in Prince frederick is 5.20 percentage points lower than in Guffey.
Overall Tax Burden Comparison
Guffey, CO
$6,721
Combined annual tax burden
Property
$1,438
Income
$3,547
Sales
$1,736
Prince frederick, MD
$8,432
Combined annual tax burden
Property
$3,674
Income
$3,829
Sales
$930
Overall Comparison: Guffey, CO has an estimated $1,711 lower total tax burden than Prince frederick, MD based on our standard scenarios.
Important Tax Disclaimer
The tax information provided above is based on publicly available data and standard assumptions. Actual tax situations will vary based on:
- Individual financial circumstances
- Applicable deductions and credits
- Recent changes in tax laws
- Personal spending habits
- Local variations within cities and counties
This comparison is intended for general informational purposes only and should not be considered tax advice. For specific guidance regarding your tax situation, please consult with a qualified tax professional.