Nova55Living › Colorado Springs › Moving from Florida
Florida has no state income tax and an average effective property tax around 0.83%. Colorado Springs has a 4.40% income tax but ~0.47% property tax. For Florida retirees on fixed income, this math deserves serious attention before assuming Florida is cheaper.
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Talk to a Specialist →| Home Value | Florida (~0.83%) | El Paso Co (~0.47%) | Annual Diff. |
|---|---|---|---|
| $400K | ~$3,320 | ~$1,880 | CO saves ~$1,440 |
| $600K | ~$4,980 | ~$2,820 | CO saves ~$2,160 |
| $800K | ~$6,640 | ~$3,760 | CO saves ~$2,880 |
Note: Florida Save Our Homes assessment cap can reduce effective rate for long-term Florida owners. Colorado Springs figures use base county rate; metro district overlays at Banning Lewis Ranch add to the bill.
Florida’s zero income tax is a real advantage, but for a retiree with $60,000 in pension and Social Security income, Colorado’s 4.40% flat rate with a $24,000 pension subtraction at 65+ produces a tax bill of roughly $1,056–$1,584/year depending on income mix. The property tax savings at Colorado Springs often exceed this income tax cost, particularly at home values above $500K.
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The most common reasons Florida retirees cite: escalating property insurance in Florida (hurricane exposure has pushed some policies above $5,000–$10,000/year), summer heat, humidity, and crowding. Colorado Springs offers dry heat, 300+ days of sunshine, Pikes Peak, and cooler summers. Hail risk is real but more predictable than hurricane exposure.
| Item | Florida (approx.) | Colorado Springs (approx.) |
|---|---|---|
| Homeowners insurance (coastal FL) | $5,000–$15,000+/yr | $1,800–$2,800/yr |
| Homeowners insurance (inland FL) | $2,500–$5,000/yr | $1,800–$2,800/yr |
| Flood insurance | Often required; $1,000–$3,000+ | Generally not required |
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