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SF0054 passes the Wyoming Senate 29-2
Published
9 months agoon
Senate Vice President Dave Kinskey (SD-22) applauded the amendments to, and subsequent passage of SF0054 Homeowner tax exemption, an immediate tax relief proposal that will make 46 percent of homes property tax free.
According to a release, the bill was amended to embrace the key elements of Kinskey’s original property tax legislation, SF121 Property tax-homeowner’s exemption. SF0054 passed the Wyoming Senate 29-2.
“The Wyoming Senate made critical changes to this bill that will provide the real property tax relief Wyoming people need now,” Kinskey said. “I am grateful to my Senate colleagues, who agreed this was a good and appropriate solution to get help to the Wyoming people as soon as possible. It was a collective effort with a lot of hard work and agreement behind it.”
The bill, which would become effective this year, would apply to all residences and would completely eliminate property taxes for homes valued at $200,000 and lower. The legislation would uphold stable funding for local governments who rely on property taxes to function.
“While I didn’t get everything I fought for, this is a solid step towards real property tax relief for Wyoming homeowners,” the District 22 Senator added. “I want to thank my fellow legislators for supporting the majority of my plan to significantly increase the homestead exemption. The plan significantly lowers property taxes for everyone and entirely eliminates property taxes for nearly 46 percent of Wyoming homeowners.”
Wyoming property taxes are on track to increase more than 80% by 2026 to more than $700 million, according to Kinskey. That includes a nearly 40% increase over the past two years. SF0054 ensures a good share of that money goes back into taxpayers’ pockets.
At least 18 property tax bills were introduced in the House and Senate at the start of the Budget Session. Senator Kinskey said the volume of legislation points to the Legislature’s commitment to passing reforms. However, according to Kinskey, there are problems with some bills’ approach. Exemptions based on a percentage of a home’s value, for example, favor the ultra-wealthy while offering little relief to low-income families. Likewise, a cap on future annual increases does not give taxpayers relief for the spike in tax bills they’ve suffered over recent years. This tax bill, though, gives immediate and real relief for the burden taxpayers have suffered.
Last year the Legislature approved funding for very limited local property tax relief, based on a homeowner’s income.
“You shouldn’t have to provide your income tax return or prove you lack assets to get a tax cut,” Kinskey said. “The bill we passed affords relief to everyone, without the burdensome application process. Senate File 54 provides equitable relief for all residents. No special qualifications, no costly paperwork, no hoops to jump through—just an immediate and level tax cut to every Wyoming homeowner,” Kinskey said. “What’s more, the relief in this bill is measured. The reduction in public revenue can be absorbed by our state without compromising crucial services, and the bill provides ‘backfill’ to safeguard funding for local government services and programs.”
Theresa Luskin
February 28, 2024 at 4:14 pm
In layman terms please! My house in Dayton, WY is valued at approx 4000. My husband and I retired and on a fixed income. Lower taxes are a reason we moved here. Now our taxes have more than doubled. Just because someone across the street build 1M house should not raise my taxes. Other fees, car registration, etc also high here.
Val Jones
February 28, 2024 at 7:15 pm
Property tax should be based upon the age of the homeowner and the amount of time the home has been owned. The elderly are being taxed out of their lifelong homes.
Tracie Tucker
February 29, 2024 at 4:26 pm
While I agree on the income of the home owner, I do not agree on how long they have lived in the home.
Our elderly and disabled citizens are trending that they need to move out of their homes with multi levels in need of single level living, and are also living on lower incomes than when they were working.
Boyd Brost
February 29, 2024 at 12:56 am
What about the homes that are valued over $200,000.00?
John Pilch
February 29, 2024 at 10:27 am
More hot air and gaslighting from the from the fat cat lawyers we call law makers! Who in sheridan county has a house value of under 200k or anyplace nice in Wyoming? Who is going to be able to afford the 80% tax increase in two years?
Stop bs everybody with this faux tax talk! Stop funding school to the max just tear them down a few years later or all the other tax dollars wasted like the 3 million on the courthouse road cafe!! How much will it cost to heat those sidewalks?
Charles Cole
February 29, 2024 at 10:47 am
An excellent question — one which I hope SM will raise with Sen. Kinskey. I read his explanation and listened to his remarks and, like you, I can’t find the answer to the question you raised. As others have posted here, the VAST majority of Wyoming homes are “valued” at far above $200k.
Solomon Carrick Morris
February 29, 2024 at 8:02 am
I was wondering the same thing. My Mother’s home is valued at 380k. My parents paid 80k for the house in the late 70’s. She is on a very limited fixed income. I send her part of my paycheck to make ends meat(kind of like the depression). How does this help her? Nothing like paying taxes on unrealized gains.
Shira Campbell
March 1, 2024 at 8:39 am
Thankful that this brings some relief to some people, at least while their homes remain at $200K at least.
My thoughts, to relieve property tax relief on those who are Social Security, or any type of fixed income. Those on Social Security have enough that come out of their money, such as house payments, food, gas, utilities and medication, which if you reach the “donut hole” then you paying 25% of the retail cost of the medications). We pay the same as everyone else, but with no raises that others may receive during the year.
Since moving here 5 years ago, our propert taxes have gone up every year. I love WY, I love Casper and wouldn’t want to be anywhere else, yet at the same time, I wonder if there will come a time I won’t be able to afford my property taxes.
Stewart Young
February 29, 2024 at 12:50 am
This helps no one in Sheridan county ,when a 40 year old mobile home on a half acre sells for 250k . The state is taking property from generational property owners. My family has been on our land for 90 years was purchased for 1800.00 now its taxed at 11000.00 a year. Living in Story we get nothing for our tax money. Soon we will not be able to hand it down to grandkids becase tax is just too high . When is it going to time for tar and feathers?
Tracie Tucker
February 29, 2024 at 4:22 pm
So how does this apply to people who live in mobile homes that are “Titled” and are living in mobile home parks or on private land owned separately or by someone else who rents the property?
.Marsha Reed
March 1, 2024 at 8:39 am
Do they mean Assessed value or the price of the home if selling? If assessed value, it is 9.5% of the market value. Huge difference!
Brad Corio
February 29, 2024 at 4:13 am
Find a house under 200000 in WY. Tax increase pure and simple.Average home price in WY is 325,000.
Kimber Thompson
February 29, 2024 at 8:05 am
So in other words… if you live in Gillette this bill doesn’t apply.. there are very few homes that value under $200,000.
Frank Grant
February 29, 2024 at 9:00 am
A reasonable start to tax relief. However, something also needs to be done to cap property tax increases. The 15-20% yearly increases in assessments means that in just a few years we will be paying as much, or more, than we are now if a cap is not instituted.
Henry Hewitt
February 29, 2024 at 9:14 am
This bill looks nice at first but it may be devastating to some of the towns. Towns like Hanna, Medicine Bow, Elk Mountaini and even Rawlins have much lower home values than most other Wyoming communities. Many of those towns have a very small commercial base meaning the sales tax increase may not cover the property tax cuts from dependable tax revenue of homes. Sheridan may be just fine but Hanna will suffer a large revenue loss.
Jim Adams
February 29, 2024 at 10:55 am
Northern Wyoming business is hurt by sales tax increases. Drive any of the highways headed to Billings and see the number of Wyoming people headed to Billings. Increasing the sales tax will result in more money for Billings businesses and less resident money for Wyoming businesses.
Allen McGaha
February 29, 2024 at 6:43 pm
You can barely find a house for under 200,000 that you would want to live in. Shameful, out of touch with what’s really going on.
Richard Adler
March 1, 2024 at 8:33 am
I’m 72 years old and live on a fixed income and my property is in Albany County. My property taxes have gone up 30% in just a year. How am I going to afford such outrageous rate increases. And what’s worse is the increases vary so trying to budget for a reasonable 3% increase isn’t possible. And everytime a more expensive house is built near me the higher the rate increase occurs. It’s not fair and I dare say I feel like the county assessor gets pleasure from my pain.
Randy Schmidt
March 2, 2024 at 9:54 pm
We should be taxed on what we paid for homes, instead we are taxed on unrealized gains of our homes. For example if you purchased your home 15 years go and paid 225,000 and that home is currently valued according to the county the property is worth 450,000 x 80%=360,000. Is basically what you pay taxes on. With all the mill levy’s that are attached Sheridan, is paying quite a bit of taxes on our homes and is some of the highest rates in the state. We need to go back to paying taxes on what we paid for hour homes. Not the future value, that you have not realized.