Senior citizen property tax relief.

WORKING DRAFT
2008
STATE OF
WYOMING
08LSO-0185

HOUSE JOINT RESOLUTION
NO.
HJ0002

Senior citizen property tax relief.

Sponsored by:
Representative(s) Hammons, Bagby, Dockstader, Madden and Martin and Senator(s) Aullman, Geis and Vasey

A BILL

for

A JOINT RESOLUTION proposing to amend the Wyoming Constitution by providing for a home owner's property tax exemption.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF
WYOMING
,
two-thirds of all the members of the two houses, voting separately, concurring therein:

Section 1.
The following proposal to amend Wyoming Constitution, Article 15 by creating a new Section 21 is proposed for submission to the electors of the State of
Wyoming
at the next general election for approval or rejection to become valid as a part of the Constitution if ratified by a majority of the electors at the election:

Article 15, Section 21.

Home owner's property tax exemption.

(a)

For property tax years commencing on or after January 1, 2010, not to exceed fifty percent (50%) of the first two hundred thousand dollars ($200,000.00) of the fair market value of residential real property, as defined by law, that is occupied as the primary residence by the home owner or the home owner's spouse shall be exempt from ad valorem taxation if:

(i)

The home owner or the home owner's spouse is sixty-five (65) years of age or older on the assessment date, and the home owner or the home owner's spouse has owned and occupied the residential property as the primary residence of the home owner or the home owner's spouse for not less than ten (10) years immediately preceding the assessment date of the year in which the taxes are levied; or

(ii)

The home owner is the surviving spouse of a home owner who previously qualified for a property tax exemption for that same residential real property under paragraph (i) of this subsection.

(b)

T
he legislature may raise or lower the maximum amount of fair market value exempted under subsection (a) of this section.

(c)

For any property tax year commencing on or after January 1, 2010, the legislature shall reimburse each local governmental entity which receives property tax revenue for the amount of property tax revenues lost as a result of the property tax exemption granted by this section.

Section 2.
That the Secretary of State shall endorse the following statement on the proposed amendment:

The adoption of this section would grant property tax home owners a property tax exemption based upon one-half (1/2) of the first two hundred thousand dollars ($200,000.00) of fair market value of residential real property. The exemption amount could be raised or lowered by the legislature. If the exemption was granted, the legislature would be required to reimburse local governments for any revenue lost as a result of the property tax exemption.

(END)

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HJ0002