Property Tax Exemption for Homes and Land
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Bill Summary - 24LSO-0108 Bill No.: HB0045 Effective: Immediately LSO No.: 24LSO-0108 Enrolled Act No.: HEA No. 0054 Chapter No.: 107 Prime Sponsor: Crago Catch Title: Property tax exemption-residential structures and land. Has Report: No Subject: Property tax exemption for residential structures and land. Summary/Major Elements: This bill creates a property tax exemption for residential structures. The exemption is equal to any increase in the assessed value of residential property of more than four percent (4%) over the value of the residential structure in the prior year, including any reduction in the prior year value that was a result of the exemption. This exemption would first apply in tax year 2024. This bill also creates a property tax exemption for land associated with a residential structure. The exemption is equal to any increase in the assessed value of the property of more than four percent (4%) over the value of the land in the prior year, including any reduction in the prior year value that was a result of the exemption. This exemption would first apply in tax year 2025. The bill includes definitions of "single family residential structure" and "improved land associated with a single family residential structure" and specifies instances when the exemptions would not apply. The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.
Public statements
Last checked Aug 5, 6:34 AM
D · H16
Why they voted this way
The lawmaker is concerned that a 4% cap may fall below the average rate of inflation over time, potentially causing localities to lose revenue while their expenses continue to rise.
R · H35
Why they voted this way
The lawmaker supports the 4% cap as reasonable, citing that median household income has remained flat or declined in recent years.
R · H37
Why they voted this way
The speaker urges a no vote to send the bill to a conference committee because the Senate changed the property tax cap from 5% to 3%, requiring further compromise.
D · H16
Why they voted this way
The lawmaker wants to delay the decision for three years due to uncertainty about how the bill will affect counties, towns, and local fire districts that are already at their maximum mill levy.
R · H35
Why they voted this way
The lawmaker argues that capping property tax increases at 5% causes taxes to double every 14.5 years, which is unsustainable for homeowners over the life of a mortgage.
R · H40
Why they voted this way
The lawmaker urges opposition to an amendment because the bill sets a cap on increases rather than guaranteeing automatic annual hikes.
D · H23
Why they voted this way
The lawmaker opposes the amendment to include outbuildings because the bill is intended solely for tax relief on homes, not valuable structures like guest houses or equipment.
R · H37
Why they voted this way
The lawmaker supports the amendment to include outbuildings because homeowners pay taxes on them and including them maintains the intended cap on growth.
H55
Why they voted this way
The lawmaker opposes Amendment Four because creating different tax rules for properties built in recent years creates legal problems and unfairness that is too difficult to administer.
R · H31
Why they voted this way
The lawmaker supports Amendment Four because the technical work to implement the clawback is feasible within the given timeframe and would provide real relief to taxpayers.
R · H40
Why they voted this way
The lawmaker opposes Amendment Five because the language is unclear and does not make sense when read together with the existing bill.
R · H35
Why they voted this way
The lawmaker supports Amendment Five as a basic form of relief that allows property taxes to remain flat for one year.
R · H40
Why they voted this way
The lawmaker argues the bill can be implemented immediately in 2024 without changing software or spending money, and notes that excluding land is necessary to meet this timeline.
R · H06
Why they voted this way
The lawmaker opposes the bill because the financial note states that the impact on property tax revenue is undeterminable.
Wyoming roll calls
11 roll calls
Official activity
Changes
17 stored
The amendment adds a sunset clause to the bill, meaning that certain provisions will be repealed on July 1, 2027.
The amendment changes the percentage threshold for a property tax exemption from five percent to four percent.
The amendment changes the definition of 'single family residential structure' to include the land it sits on and any additional buildings like garages or sheds, starting from tax year 2025.
The amendment adds a specific rule for calculating property tax exemptions in the year starting January 1, 2025.
The amendment modifies a property tax exemption bill to specify that the exemption applies only if the assessed value increases from one year to the next, starting with the tax year 2024.
The amendment adds a sunset clause to the bill, meaning that certain provisions will be repealed on July 1, 2027.
The amendment changes the percentage threshold for a property tax exemption from five percent to four percent.
The amendment changes the definition of 'single family residential structure' to include the land it sits on and any additional buildings like garages or sheds, starting from tax year 2025.
The amendment changes the percentage of property tax exemption for single family residential structures from five percent to three percent.
The amendment adds a specific rule for calculating property tax exemptions in 2025 based on values from previous years.
The amendment changes the term 'single family residential structures' to 'specified real property' and adds a new exemption for certain types of real property starting in tax year 2025.
The amendment changes the percentage for property tax exemptions from five percent to four percent and makes other minor edits.
The amendment adds a property tax exemption for land associated with single family residential structures and modifies how information about these exemptions is communicated to taxpayers.
The amendment changes a specific reference in the bill from one section to another, altering where certain definitions or rules related to property tax exemptions are found.
The amendment changes 'three percent (3%)' to 'four percent (4%)' in two places within the bill.
The amendment changes a specific reference in the bill from one section to another, altering where certain definitions or rules related to property tax exemptions are found.
The amendment changes the percentage threshold for property tax exemptions from five percent to three percent and makes other minor edits to the bill text.