WY Senate Leaders Applaud Passage of Property Tax Reform Legislation

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.”
 
Senator Biteman has co-chaired the Joint Revenue Committee for two years. During that time the Committee has considered and helped draft and shape numerous property tax reform bills. The four bills  have been sent to the Governor’s desk for his signature.
 
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.”
 
The 25 percent exemption in Senate File 54 will reduce the average homeowner’s bill by approximately $600 per year based on statewide averages (average house $350,000). House Bill 45 caps annual residential property assessed valuation increases at four percent, a compromise between the House and Senate versions of the bill. House Bill 4 expands access to existing property tax relief funds by increasing the qualification threshold to 165 percent of a county’s gross median income. The level was previously set at 125 percent.
 
The final of the four bills, House Bill 3, is a property tax exemption for senior citizen long-term homeowners. According to Senator Kinskey, “If you have paid taxes in Wyoming for 25 years or more, and are over age 65, this bill cuts your property taxes in half.  That’s welcome relief for seniors who fear being priced out of their homes by skyrocketing taxes.”
 
Senator Bob Ide, a member of the Senate Revenue Committee, says, “The years-long push by conservatives for real, immediate and substantial tax cuts finally paid off.” 
 
“Conservatives have long advocated for tax relief,” said Senator Ide (R-SD29). “This is the year the message finally got through to the rest of the House and Senate.” 
 
According to Senator Ide, “Property taxes have become unsustainable across our entire state, and they are hurting those who can afford it the least the most. With these bills, the Legislature has sent a strong message, and it is providing real relief. This is something each member can be proud of, and it is exactly what the residents of our great state deserve.”