July 25, 2024 |
Photo – Poster for meeting – Courtesy Town & Country Realty
State realty lobbyists are hosting a town hall meeting at the Platte Valley Community Center on Monday to discuss a proposed constitutional amendment.
Following the COVID pandemic, Wyoming experienced a population boom. Out-of-state buyers have been buying homes for previously unthinkable amounts of money. The large influx of new residents has driven up property taxes for everyone in the Cowboy State.
In November, Wyoming residents will vote on the Wyoming Property Tax on Residential Property and Owner-Occupied Primary Residences Amendment. Government Affairs Director for Wyoming Realtors Laurie Urbigkit said the existing state constitution breaks down property taxes into three separate categories depending on how the property is used.
Urbigkit said the state constitution requires every property in each class to be taxed the same. If passed, the constitutional amendment will create a new tax class just for residential properties. Urbigkit said lawmakers can then offer tax relief to residential property owners.
The Wyoming Property Tax on Residential Property and Owner-Occupied Primary Residences Amendment will be on November’s general election ballot. In Wyoming, a constitutional amendment must be passed by 50% plus one of all voters. Urbigkit said due to the high bar of amending the state constitution, she is holding town hall meetings to educate voters about the importance of passing the measure.
At 6:00pm on Monday, July 29th, Urbigkit will be at the Platte Valley Community Center to answer questions about the proposed constitutional amendment. Having done a few town hall meetings already, Urbigkit said she is commonly asked if lowering property taxes for residents will hurt the local community.
Property taxes are used by counties and municipalities to support schools and special districts, such as Fire Protection. Urbigkit said the constitutional amendment won’t lower property taxes. Instead, the change allow state legislators to offer tax relief to specific property owners.
Are there potential downsides to the constitutional amendment? Urbigkit said non-residential property owners, such as the minerals industry, may believe their taxes will go up to account for decreased property tax revenue. However, Urbigkit said it is highly unlikely the Wyoming legislature will support a tax increase. If revenue decreases, state lawmakers will find other methods to supplement the budget, said Urbigkit.
State legislators are anticipating the constitutional amendment to pass. If so, Urbigkit said a trigger bill limiting yearly residential property tax increases will become law.
The public informational meeting about the proposed constitutional amendment will be held this Monday, July 29th, at 6:00pm in the Platte Valley Community Center. The event is free to attend.
