Property tax-assessed value increase limitations.

WORKING DRAFT
2008
STATE OF
WYOMING
08LSO-0360

HOUSE
JOINT RESOLUTION

NO.
HJ0008

Property tax-assessed value increase limitations.

Sponsored by:
Representative(s) Simpson, Illoway and Quarberg and Senator(s) Bebout and Coe

A BILL

for

A JOINT RESOLUTION proposing to amend the Wyoming Constitution; relating to taxation and revenue; creating an additional class of property for assessment of taxes; providing for a limit in the increase in
assessed value
on real residential property as specified; and providing definitions.

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, Section 11(a)(intro), (ii), by creating a new paragraph (iii)
,
by renumbering (iii) as (iv), (b) through (d) and by creating a new subsection (e) 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 voting at the election:

Article 15, Section 11.

Uniformity of assessment required.

(a)

All property, except as in this constitution otherwise provided, shall be uniformly valued at its full value as defined by the legislature, in
three (3
)
four (4)
classes as follows:

(ii)

Property used for industrial purposes as defined by the legislature;
and

(iii
)

Any residential property as defined by the legislature
; and

(iii)
(iv)

All other property, real and personal.

(b)

The legislature shall prescribe the percentage of value which shall be assessed within each designated class. All taxable property shall be valued at its full value as defined by the legislature except
as provided by subsection (e) of this section and
agricultural and grazing lands which shall be valued according to the capability of the land to produce agricultural products under normal conditions. The percentage of value prescribed for industrial property shall not be more than forty percent (40%) higher nor more than four (4) percentage points more than the percentage prescribed for property other than minerals.

(c)

Except as provided by
subsection
(e) of this section, t
he legislature shall not create new classes or subclasses or authorize any property to be assessed at a rate other than the rates set for authorized classes.

(d)

Except as provided by subsection (e) of this section, a
ll taxation shall be equal and uniform within each class of property. The legislature shall prescribe such regulations as shall secure a just valuation for taxation of all property, real and personal.

(e
)

Notwithstanding
subsection
s
(b), (c) and (d) of this section, the
assessed value
on
any

residential property shall not incr
e
ase in any one (1
) calendar year by more than
the annual rate of inflation
.
However, the limitation
in this subsection
shall not apply to any
residential property which
is purchased, newly constructed
,
or has undergone
a change of ownership in the previous
calendar
year.
Any
residential property which is sold in an arms-length transaction
shall be valued at the sales price.
The terms
"annual rate of inflation
,
"
"purchased
,
" "newly constructed" and "change in ownership" shall be defined by the legislature.

Section 2.

The Secretary of State shall endorse the following statement on the proposed amendment:

The adoption of this amendment will create an additional class of property for taxation purposes. The additional class will consist of residential property. Assessment of property within this class must be uniform but may differ from the other three (3) classes of property currently defined in the constitution. The adoption of this amendment would also limit the
increase in assessed value
on real residential property
in any year to the annual rate of inflation, subject to certain exceptions
.

(END)

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HJ0008