• Bills passed through floor introductions, committees, and three readings in House/Senate.
The Legislative Session is over in Wyoming and there are a selection of property tax relief bills to choose from and the Governor will do just that when he decides which measures to sign into law. Four in a list of near 20 made the final cut in a process that includes introduction, committee review in both the House and Senate and three readings in each body.
• HB0003: Property tax exemption for long-term homeowners
• HB0004: Property tax refund program (JCC appointed)
• HB0045: Property tax exemption-residential structures and land (JCC appointed)
• SF0054: Homeowner tax exemption (JCC appointed)
The Wyoming Senate and House of Representatives passed four important property tax reform bills last week: Senate File 54, House Bill 45, House Bill 3 and House Bill 4. Collectively, the legislation provides a 25 percent of fair market value exemption to all Wyoming homeowners; caps annual property tax increases at four percent; expands eligibility for property tax refunds, and cuts in half the taxes of many Wyoming senior citizens. It is the largest tax refund and reform package in the state’s history.
“The passage of these bills is a monumental victory for the hard-working people of Wyoming, and it is the culmination of a united effort across the entire Legislature,” said Senator Bo Biteman (R-SD21), co-chairman of the Joint Revenue Committee. “The Revenue Committee has been working on property tax reform almost exclusively for the past couple of years. It is an honor to see it finally come to fruition with support from both Senate and House members. And it could not be more timely; property taxes have reached a crisis level across Wyoming.”
Vice President of the Senate Dave Kinskey said the bills stood out from a slate of property tax reform legislation introduced at the start of the session and all four pieces of legislation work together to address skyrocketing rates.
“These bills effectively create a four-pronged approach that offers both immediate relief from the years of gouging Wyoming residents have endured and long-term protections against future property tax increases,” Senator Kinskey (R-SD22) said. “This is the largest tax refund in our state’s history. The Legislature understands the pain our residents are feeling, and with these bills it has taken decisive action to provide relief—both now and for the foreseeable future.”
One of the leading bills, HB 45, Property tax exemption-residential structures and land lists Rep. Lane Allred and Sen. Dan Dockstader as co-sponsors to Rep. Barry Crago. This bill originally put a four-percent cap on all the year-to-year increases. That amount came following a back-and-forth conference committee agreement process with the House favoring five percent and the Senate three percent.
House Bill 3, Property tax exemption for long-term homeowners allows for a 50 percent tax exemption for Wyoming residents 65 and older who have paid their taxes for the past 25 years. The bill is effective through 2027 and was sponsored by the Revenue Committee.
HB 4, property tax refund, calls for the current property tax refund program to be amended allowing for up to 165% of the state’s median gross household to be included in a refund, but it will be put on a sliding scale based on the amount taxed. The governor’s office anticipates adding an additional $20 million to this program already in effect. The bill came from the Revenue Committee.
SF 54, Homeowner tax exemption, sponsored by the Revenue Committee is percentage based relief with a 25-percent exemption on fair market value for a single family residential structure based on the home’s first $3 million fair market value. The total amount will not exceed $200,000.
SF 89 Veteran’s ad valorem exemption-amount calls for an annual exemption of $6,000 specific to veterans only.
All of these bills are in the works for a governor’s signature and approval in the coming days.
Rep. Lane Allred of Star Valley said he noted a change in the House of Representatives with more “showing an interest in finding a solution.” He said, “If some of these bills pass, it will touch everybody’s life.”
Sen. Dan Dockstader advised, “These are good bills to follow up with the Lincoln and Teton county based legislation that put a constitutional change on the ballot for consideration this fall that will focus on residential property tax relief. So, last year’s work and this years work are good combinations for property tax relief.”
