Continuing the Crook County News Since 1884
Continuing the Crook County News Since 1884
SHERIDAN — Property tax relief for Wyomingites is set for consideration after several bills were approved by the Legislature’s Joint Revenue Committee last week.
Tax relief was a hot-button issue during the 2023 session and Sheridan County’s delegation was critical of the Wyoming Legislature’s failure to provide substantial property tax relief for residents.
“People want us to get something done, and they want us to act,” Co-Chair Sen. Bo Biteman, R-Ranchester, said during the revenue committee meetings.
Homeowner tax exemption
The committee considered a bill to establish a property tax exemption of 25.6% of the fair market value for a property used as someone’s primary residence.
According to Legislative Service Office staff, the bill is similar to House Bill 98 from the 2023 general session. The bill died in the Senate Revenue Committee late in the session by a vote of 2-3. HB 98 established a five-year residency requirement and had a lower cap of $50,000 for exemptions.
The average home in Wyoming is worth $400,000, meaning about $100,000 would be exempted. The average exemption would result in a property tax decrease of about $664 for Wyomingites.
The tax exemptions would be capped at $200,000, resulting in a property tax decrease of about $1,328.
The Joint Revenue Committee approved the bill by a vote of 11-3 and it is set for consideration in the 2024 budget session.
Long-term homeowner property tax exemption
The committee also considered a bill intended to provide relief for long-term Wyoming residents with a property tax exemption.
“This is one that actually is relief for somebody who has invested in Wyoming,” Rep. Ember Oakley, R-Riverton said.
The primary residence of a resident 65 or older who has also paid property taxes in Wyoming for at least 30 years would be eligible for a property tax exemption of 50% of the assessed value.
Jerimiah Rieman, executive director of Wyoming County Commissioners Association, said the exemption would align with the wishes of several counties.
“A number of counties have indicated a desire…of having some sort of exemption program or freezing of property taxes once they hit the age of 65,” Rieman said.
The bill was approved unanimously by the joint committee and is set to be considered during the Legislature’s 2024 budget session.
Property tax refund program expansion
Legislators expanded the property tax refund program during the 2023 session with House Bill 99. The bill made homeowners earning up to 125% — compared to the original 75% — of the state’s or county’s median income level eligible for the refund program. Under the program currently, refund totals are capped at half of the median property tax amount in each county.
A bill to expand the program to homeowners earning up to 175% of the state’s or county’s median income level was approved by the committee last week. Those earning 125% of the median income would be eligible for the full refund amount, while those earning 175% would be eligible for 5% of the maximum refund amount, with incremental decreases.
Rep. Liz Storer, D-Jackson, said the incremental decreases are intended to provide refunds for homeowners who were not previously eligible.
“It does at least provide a stair step down, instead of a cliff, for folks who are in the middle income area and still paying…steep property tax,” Storer said.
Rep. Dan Zwonitzer expressed concern over the unclear cost of the expansion.
Joint Revenue Committee members ultimately approved the bill by a vote of 12-2 and it is set to be considered during the Legislature’s 2024 budget session.
The budget session is about half the length of a normal session with a much higher bar for approving non-budget bills — a two-thirds vote in the chamber of origin is required to advance a House Bill or Senate File.
