OCTOBER 21, 2024 |
Photo – Cover of long-term property owner exemption – Courtesy Carbon County Assessor
This November, Wyoming voters will decide whether to amend the state constitution regarding property taxes.
The COVID pandemic caused a surge in home values and a growing demand for housing in Wyoming. Rising home prices have resulted in increased property tax values. Some homeowners have seen their property taxes double over the past four years.
The Wyoming state legislature decided to address the effect ballooning property taxes are having on residents. In March of 2023, Governor Mark Gordon signed SJ0003 into law. The joint resolution amends the Wyoming Constitution, separating residential property from other property classes for the purpose of taxation.
Carbon County Assessor Renee Snider explained that Wyoming has three property tax classifications: mineral production; industrial; and all other, which includes residential and commercial real property. Snider said the purpose of Constitutional Amendment A is to allow the state legislature to adjust residential and commercial property taxes independently.
Snider said Constitutional Amendment A will also allow lawmakers to assess residential properties at a different rate than commercial. Currently, both types of property are appraised at 9.5% of their fair market value.
The county assessor said Amendment A will give the legislature more tools to combat rising property taxes than the current system allows.
The proposed constitutional amendment is one way Wyoming lawmakers are using to cap skyrocketing property taxes. In March, Governor Gordon signed House Bill 45 into law, capping all property tax increases to a maximum of 4%. Assessor Snider said roughly 3% of Carbon County property owners have benefited from the property tax cap.
House Bill 3 would provide a 50% property tax exemption for long-term homeowners on their houses and up to 35 acres of associated property. Assessor Snider explained who qualifies for the tax relief program.
Assessor Snider said as of Friday afternoon, she has processed 174 applications for the long-term homeowner tax exemption, with more Carbon County residents applying every day.
House Bill 45, the 4% property tax cap, is set to expire on July 1st of 2027. House Bill 3 contains a sunset provision that will eliminate the property tax exemption in five years unless renewed by the legislature.
If Constitutional Amendment A passes, it will provide state lawmakers with a permanent way to control residential property taxes independently from all other types of property taxes.
In Wyoming, a constitutional amendment must be approved by at least 51% of the voters to pass. Additionally, the amendment must be ratified by a majority of the electors in at least three-fourths of the counties.
Voters will decide on Constitutional Amendment A during the November 5th general election.
