Tax Returns indicate great migration in Colorado slowing down

Real Estate

Tax Returns indicate great migration in Colorado slowing down

Colorado’s great migration wave looks like it has crested, according to tax return counts the Internal Revenue Service released Friday.

The IRS counted 76,123 Colorado tax returns filed last year by households who had filed under an address in another state or abroad in 2014. That was down from the 97,185 tax returns filed in 2014 by someone who had moved into the state after filing their 2013 return.

That represents 21,062 fewer inbound filing households, a decline of 22 percent. Even though the numbers are down, the tax return counts show the same states still dominate in supplying Colorado with the most new residents — California, Texas, Florida, Arizona, Illinois, New York and New Mexico.

Arizona and New Mexico were among the sending states with percentage drops larger than the 22 percent average decline, while New York only showed a 16 percent drop.

Oct 4, 2021 Market Trend