There are currently only six states that impose this specific tax, with one of them dropping the tax starting in 2025: Inheritance taxes are levied on the beneficiaries of an inheritance.

Specific Ownership Tax C.R.S 42-3-101 and 42-3-106 (4) is based on the vehicle year of manufacture and the taxable value of the vehicle. These values DO NOT change during the life of the vehicle.

If you don’t know what Net Investment Income Tax (NIIT) is, you’re not alone. This relatively new tax began a little over a decade ago but the number of taxpayers subject to the tax has increased.