February 28, 2024 |
Photo – House Chamber – Bigfoot99 file photo
A bill that would provide meager property tax relief to Wyoming homeowners passed the House of Representatives on third reading Tuesday with amendments. A second bill, that would have canceled property taxes for most residents while raising the state sales tax died on third reading.
House Bill 52 provides a tiny, short-lived exemption for primary residences. The exemption sunsets on December 31, 2027. It won’t be around for long.
The bill, as written, carries bracketed reductions based on the age of the homeowner. For instance, a homeowner who is 64 years or younger will see the first $50,000 of the fair market value of their home exempted.
The exemption jumps to $100,000 for those aged 65 to 74 years old. For an owner who is 75 or older on January 1 of the applicable tax year, the first $150,000 of fair market value shall be exempt as a homestead exemption, according to the language in the bill.
House Speaker Albert Sommers was the bill’s main author. Representative Bob Davis, representing rural areas in Carbon and Sweetwater Counties, questioned the mechanics of the bill.
The Chairman of the House Revenue Committee, Steve Harshman, said taxpayers won’t have to do anything.
The legislature appropriated $88,400,000 from the general fund to the department of Revenue for the purpose of reimbursing local governments for losses in revenue resulting from the exemption. As passed, the act will go into effect on January 1 of next year.
Having passed the House, the HB 52 now goes to the senate.
Wyoming homeowners should know that the average savings per home outside of Teton county will be around $210 per year, using figures provided by the chairman of the revenue committee.
Another bill, HB 202, that would have provided real relief died on third reading. It would have eliminated property taxes for most Wyoming residents in exchange for hiking the state sales tax by 2%.
After narrowly passing the first two readings in the house, the bill died on 47-14. Representative Davis of Baggs was a no vote. Donald Burkhart of Rawlins was absent.
From its first reading to yesterday’s third and final reading, the measure went through several amendments that watered down the bill. By Tuesday, the assessed exemption was reduced to $200,000 and the sales tax increase lowered to 1%. The final vote was 47-14-1.
