The Colorado tax is a personal property tax. A number of states have the personal property tax, particularly in the south. It is just another way of having "the rich" pay their "fair share."
As a comparison, our Berkshire plates in NY cost us $72 per year. No personal property tax or any additional fees. We do however, have a sales tax that's 8.75% and a fairly steep income tax along with real estate taxes that are among the highest in the country. Bottom line is that they will get you one way or another to pay for what they deem to be essential services.