April 3, 2024 |
Photo – House Chamber – Bigfoot99 file photo
A property tax bill that died during this year’s legislative session may enjoy a Lazarus-like comeback next year.
Senator Steve Harshman of Casper was the author. As originally drafted, the legislation would cut property taxes for Wyomingites by 97% in exchange for increasing the state sales tax rate by 2 percent.
The bill received new life during Monday’s Management Council meeting in Cheyenne. State Senator Bo Biteman is co-chair of the Joint Revenue Committee. Biteman said his committee will take another look at Harshman’s bill during this summer’s interim session when bills are discussed. Biteman gave the legislation a high priority after Governor Mark Gordon vetoed a bill that would have given residential property owners a 20 percent reduction.
As state law now stands, exemptions are given on candy and soda because they are considered groceries. Medical goods and services are also exempt, as are utilities and fuel. The debate on what’s in and what’s out will prove interesting as the legislation develops.
As originally crafted, Harshman’s House Bill 203 would have eliminated property taxes on most Wyoming homes—about 97% of them.
As originally drafted, the bill exempts the first $200,000 of fair market value of a single-family residential property in tax year 2024, and the first $1 million for each tax year thereafter.
A “single family residential property” is defined in the bill as “a structure intended for human inhabitation including a house, modular home, mobile home, townhouse or condominium that is a privately owned single-family dwelling unit and the associated improved land.”
Harshman’s bill also increased the state sales tax from 4-to-6%.
The governor’s veto of Senate File 54 combined with the failure of the Legislature to meet in special session to resolve the burdensome issue of tax relief has given Harshman’s bill new life.
