Tax Comparison: Red wing, MN vs Manitou springs, CO
Understanding Your Tax Burden
This page compares the three main types of taxes between Red wing, MN and Manitou springs, CO: 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
Red wing, MN
$4,459
Based on a $419,200 home
Rate: 1.0638%
Manitou springs, CO
$1,725
Based on a $419,200 home
Rate: 0.4114%
| Data | Red wing, MN | Manitou springs, CO |
|---|---|---|
| Effective Property Tax Rate | 1.0638% | 0.4114% |
| Estimated Property Tax | $4,459 | $1,725 |
| Home Value Used | $419,200 | $419,200 |
Comparison: Property taxes in Manitou springs, CO are $2,735 lower than in Red wing, MN 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
MN
5.35%-9.85%
Single: $5,319
Married: $9,574
CO
4.4%
Single: $4,400
Married: $7,920
| Data | MN | CO |
|---|---|---|
| Tax Rate | 5.35%-9.85% | 4.4% |
| Single Filer ($100k) | $5,319 | $4,400 |
| Married Couple ($200k) | $9,574 | $7,920 |
| Median Income ($80.6k) | $5,481 | $3,547 |
Comparison: Income taxes in CO are $1,934 lower than in MN 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
Red wing, MN
9.875%
Combined rate
Annual sales tax: $1530
(Based on $15,500 spending)
Manitou springs, CO
11.200%
Combined rate
Annual sales tax: $1736
(Based on $15,500 spending)
| Data | Red wing, MN | Manitou springs, CO |
|---|---|---|
| State Sales Tax | 6.88% | 2.90% |
| Combined Sales Tax | 9.875% | 11.200% |
| Annual Tax Amount | $1,530 | $1,736 |
Comparison: Shopping in Red wing, MN costs $206 less in annual sales tax than in Manitou springs, CO for the average household.
Tax Comparison Insights
Tax Insights: Red wing vs Manitou springs
- Property Tax: Manitou springs has a 0.6524 percentage points lower effective property tax rate than Red wing.
- Income Tax: Living in CO could save you approximately $1,934 in state income taxes for a median household income.
- Sales Tax: The combined sales tax rate in Red wing is 1.32 percentage points lower than in Manitou springs.
Overall Tax Burden Comparison
Red wing, MN
$11,470
Combined annual tax burden
Property
$4,459
Income
$5,481
Sales
$1,530
Manitou springs, CO
$7,007
Combined annual tax burden
Property
$1,725
Income
$3,547
Sales
$1,736
Overall Comparison: Manitou springs, CO has an estimated $4,463 lower total tax burden than Red wing, MN 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.