HB0176 • 2007

Property tax deferral program.

AN ACT relating to property taxation; modifying ownership requirement to qualify for property tax deferral program; modifying formula for calculation of interest imposed under the property tax deferral program; and providing for an effective date.

Land Taxes

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Representative Landon
Last action: 2007-03-04
Official status: enrolled
Effective date: 1/1/2008

Plain English Breakdown

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

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HB0176HW001

Committee of the Whole • LANDON

Adopted

Plain English: Adopted Committee of the Whole by LANDON

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

Bill History

2007-03-04 LSO
Assigned Chapter Number - 170
2007-03-04 Governor
Governor Signed HEA0090
2007-02-27 Senate
S President Signed HEA No. 0090
2007-02-27 House
H Speaker Signed HEA No. 90
2007-02-26 LSO
Assigned Number HEA0090
2007-02-26 Senate
S Passed 3rd Reading
2007-02-23 Senate
S Passed 2nd Reading
2007-02-22 Senate
S Passed CoW
2007-02-15 Senate
S Placed on General File
2007-02-15 Senate
S03 Recommended Do Pass
2007-02-09 Senate
S Introduced and Referred to S03
2007-02-08 Senate
S Received for Introduction
2007-02-06 House
H Passed 3rd Reading
2007-02-05 House
H Passed 2nd Reading
2007-02-02 House
H Passed CoW
2007-02-02 House
H Amendments Adopted
2007-02-02 House
Amendment Adopted
2007-01-19 House
H Placed on General File
2007-01-19 House
H03 Recommended Do Pass
2007-01-15 House
H Introduced and Referred to H03
2007-01-11 House
H Received for Introduction
2007-01-10 LSO
Bill Number Assigned

Official Summary Text

2007 General Session Summary for HB0176

Bill No.:
HB0176
Drafter:

DKG

LSO No.:
07LSO-0440
Effective Date:

7/1/2007

Enrolled Act No.:
HEA0090

Chapter No.:

Prime Sponsor:
Representative
Landon

Catch Title:
Property
tax deferral program.

Subject:
Modification
of the interest rate charged for certain persons qualifying under the property
tax deferral program.

Summary/Major Elements:

Current law provides for a
property tax deferral program.

Under current law, the
interest rate on the taxes deferred is 4%, except that if a person qualifies
solely by having purchased the property prior to December 31, 1987, the rate is
the average rate of return on permanent mineral trust fund investments.

This act changes the latter
rate to the average yield on ten year United States treasury bonds for the
previous three years, plus 1.5%.

The act also changes one of
the qualifiers from owning the property before December 31, 1987 to having
owned the property for at least 10 years prior to making application for a
deferral of taxes.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL HOUSE

BILL

NO.
0176

ENROLLED ACT NO. 90, HOUSE OF REPRESENTATIVES

FIFTY-NINTH LEGISLATURE OF THE STATE OF
WYOMING
2007 GENERAL SESSION

AN ACT relating to property taxation; modifying ownership requirement to qualify for property tax deferral program; modifying formula for calculation of interest imposed under the property tax deferral program; and providing for an effective date.

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

Section 1.

W.S. 39
‑
13
‑
107(b)(iii)(D) and (N)(III) is amended to read:

39
‑
13
‑
107.

Compliance; collection procedures
.

(b)

The following provisions shall apply to the payment of taxes, distraint of property and deferral:

(iii)

The following shall apply to the deferral of tax collection:

(D)

Notwithstanding W.S. 39
‑
13
‑
108(b)(ii), interest shall accrue on any tax collection deferral granted by the board of county commissioners at a compounded rate of four percent (4%) per annum, except for persons who qualify solely under subdivision (N)(III) of this paragraph interest shall accrue at a rate equal to the average
rate of return on all permanent mineral trust fund investments
yield on ten (10) year United States treasury bonds for the previous three (3) calendar years, plus one and one-half percent (1.5%)
as determined by the state treasurer for the calendar year preceding the year in which application is made. Any tax collection deferral may be prepaid at any time without prepayment penalty;

(N)

An owner is qualified under this subparagraph if:

(III)

The owner purchased the property
before December 31, 1987
at least ten (10) years prior to the beginning of the tax year for which he is applying for deferral of taxes
.

Section 2.

This act is effective January 1, 2008.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the House.

Chief Clerk

1