Why are all the property taxes are so low in Colorado?

Question

For example a $500K house with a 5+ acres, the property taxes are only $1000/yr.

Answer 1

There's a law restricting property tax.

So now, Colorado, which once had a really good higher education system, is below average. Which really helps the State attract high tech industry (NOT).

Sales taxes are a bit higher than most, and there is a State income tax.

Answer 2

I would imagine that other taxes such as income and sales are higher.

Do keep in mind that just because the taxes on a property being sold for $500,000 are only $1,000 that does not mean that they will remain that low after the sale. Many jurisdictions re-value property after a sale and dramatic increases in property taxes are possible.