CASPER — Gov. Mark Gordon will have the option to choose from several bills which to sign to provide property tax relief in Wyoming. All bills differ on approach on how to provide relief.
Homeowners saw an average increase of 20.3% in 2023 and 16% increase the year before that.
House Bill 3, which provides a 50% exemption of the assessed value for one property of Wyoming residents over the age of 65 that have also paid property taxes for at least 25 years, passed the Senate on Wednesday.
The Senate on Thursday approved for the third time HB 4, which expands eligibility under the existing property tax relief program and HB 45, which provides tax exemptions on single-family residential structures.
The property tax relief program was created last year and provided nearly 9000 households with an average refund of more than $900. The current program caps eligibility for household incomes over 125% of the county or state median household income. HB 4 will increase the cap to 165% of county or state median household income.
HB 45, sponsored by Rep. Barry Crago, R-Buffalo, essentially implements a 5% cap on yearly property tax increases for single family residential structures.
Capping property taxes in Wyoming would require amending the constitution, but the wording of the bill provides for a cap by being structured as an exemption; exemptions are permissible under the state’s constitution.
The exemption would not be applicable if the structure’s value increases due to major changes such as new construction or additions and if ownership of the structure changed during the last calendar year.
The House also passed two bills on Thursday.
Senate File 54 cuts property tax for primary residences by 25%, but the exemption shall not exceed $200,000. Only one exemption can be made per year.
SF 89, sponsored by Sen. Ed Cooper, R-Ten Sleep, would provide veterans an annual exemption of $6000 in assessed value.