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HB0108 • 2007

Property tax-assessment rate.

AN ACT relating to taxation and revenue; providing for the property tax assessment rate for certain property as specified; providing for distribution of monies to local governments; providing appropriations; and providing for an effective date.

Taxes
Inactive

Wyoming marks this bill as inactive, which usually means it is no longer moving in the current session.

Sponsor
Representative Olsen
Last action
2007-02-27
Official status
inactive
Effective date
Not listed

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

  1. 2007-02-27 House

    H Committee Returned Bill Pursuant to HR 4-3(b)

  2. 2007-01-11 House

    H Introduced and Referred to H03; No Report Prior to CoW Cutoff

  3. 2007-01-09 House

    H Received for Introduction

  4. 2007-01-03 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
WORKING DRAFT
2007
STATE OF
WYOMING
07LSO-0384

HOUSE BILL
NO.
HB0108

Property tax-assessment rate.

Sponsored by:
Representative(s) Olsen, Davison and Gingery and Senator(s) Aullman, Cooper, Larson and Scott

A BILL

for

AN ACT relating to taxation and revenue; providing for the property tax assessment rate for certain property as specified; providing for distribution of monies to local governments; providing appropriation
s
; and providing for an effective date.

Be It Enacted by the Legislature of the State of
Wyoming
:

Section 1.

W.S. 39
‑
13
‑
103(b)(iii)(intro) and (C) is amended to read:

39
‑
13
‑
103.

Imposition.

(b)

Basis of tax. The following shall apply:

(iii)

Beginning January 1, 1989,
"
T
axable value" means a percent of the fair market value of property in a particular class as follows:

(C)

All other property, real and personal,
nine and one
‑
half percent (9.5%)
eight and one-quarter percent (8.25%)
.

Section 2.

(a)

For the period beginning January 1, 2008 through June 30, 2010, there is appropriated to the department of revenue from the budget reserve account not to exceed
eighty-five
million
two hundred thousand
dollars ($
85
,
2
00,000.00) for the purpose of maintaining revenues to local governments that would otherwise be received but for the reduction in the assessment rate as provided by this act. The department of revenue is authorized to distribute to counties funds appropriated under this section based upon actual assessed valuations of property subject to the new assessment rate as provided by this act. Appropriations under this section shall not be expended for any purpose other than as stated in this section, and unobligated funds shall revert to the budget reserve account on June 30, 2010.

(b)

For the period beginning January 1, 2008 through June 30, 2010, there is appropriated to the state treasurer from the budget reserve account not to exceed
sixteen
million
eight hundred thousand
dollars ($1
6
,
8
00,000.00) for the purpose of maintaining revenues to the school foundation fund that otherwise would be distributed to the foundation fund but for the reduction in the assessment rate as provided by this act. The state treasurer, in cooperation with the department of revenue is authorized to distribute to the foundation fund monies appropriated under this section based upon actual assessed valuations of property subject to the new assessment rate as provided by this act. Appropriations under this section shall not be expended for any purpose other than as stated in this section, and unobligated funds shall revert to the budget reserve account on June 30, 2010.

Section 3.

This act is effective January 1, 2008.

(END)

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HB0108