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Kinskey Explains Senate’s Property Tax Reform Bill

State Senator Dave Kinskey (R-Senate District 22) is in Cheyenne for this year’s legislative budget session and he will be updating Sheridan Media during the session.
Today he talks about SF0054, the Homeowner Tax Exemption, and how it will work to help homeowners in the state that are dealing with high property tax increases.
Kinskey explained that the Senate decided to go with a set dollar value of a $200,000 tax credit on everyone’s homes, which means if your home is valued at $200,000 your tax bill would be $0. If your home is valued at $400,000 then your tax bill would be anything over the $200,000 threshold.
Kinskey explained how they set the $200,000 mark for the tax break.
Kinskey said the bill will eventually be set for primary residences only, but for this first year it will cover all homes and homeowners in the state before changing somewhat in year two.
Kinskey said he is “very optimistic, very hopeful” that the legislature will get the legislation passed this year.
Kinskey discussed how the tax break for homeowners will be funded, and we will have that in an upcoming story.
