Property tax-assessed value.

WORKING DRAFT
2011
STATE OF
WYOMING
11LSO-0169

HOUSE BILL
NO.
HB0175

Property tax-assessed value.

Sponsored by:
Representative(s) Patton, Berger, Bonner, Botten and Roscoe and Senator(s) Bebout
and Coe

A BILL

for

AN ACT relating to taxation and revenue; providing a limitation on the assessed valuation of certain property for ad valorem taxation as specified; providing applicability; providing appropriations; and providing for an effective date.

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

Section 1.

W.S. 39
‑
11
‑
105(a) by creating a new paragraph (xxxix) and 39
‑
13
‑
103(b) by creating a new paragraph (xvi
i
i) are amended to read:

39
‑
11
‑
105.

Exemptions.

(a)

The following property is exempt from property taxation:

(xxxix)

Any amount of
property tax levied as a result of the
assessed valuation exceeding the average of the assessed valuation for that same property for the current year and the immediately preceding two (2) calendar years as provided by W.S. 39
‑
13
‑
103(b)(xv
i
ii).

39
‑
1
3
‑
10
3
.

Imposition
.

(b)

Basis of tax. The following shall apply:

(xvi
i
i)

For any property which has not been substantially improved since the most recent on-site inspection, a
ny amount of
property tax levied as a result of the
assessed valuation of any property assessed under subparagraph (iii)(C) of this subsection in excess of the average assessed valuation for that same property as provided by W.S. 39
‑
11
‑
105(a)(xxxviii) shall be considered an exemption from property tax.
For qualified property, the following year's assessed valuation shall be the average of the previous years' assessed valuation.
In the event the assessed valuation for the two (2) calendar years immediately preceding the year for which the assessed valuation is being imposed is not available, or the years available are less than two (2) calendar years immediately preceding the year for which the assessed valuation is being imposed, then the exemption under this paragraph shall not apply.

Section 2.

This act shall apply to property taxes imposed on or after January 1, 2012.

Section 3.

(a)

There is appropriated from the general fund to the state treasurer
seven
million
five
hundred thousand
dollars ($
7,
5
00
,000.00), or so much thereof as necessary, for the purposes of this act. The purpose of this appropriation is to reimburse local governments for any loss in property tax revenue under this act for property taxes levied and assessed in calendar year 2012, except for any mills levied under W.S. 39
‑
13
‑
104(a)(iv).

(b)

There is appropriated from the general fund to the department of revenue
fifteen
thousand dollars ($1
5
,000.00), or so much thereof as necessary, to implement the purposes of this act.

(c)

Funds appropriated under this section shall not lapse or revert until June 30, 2013.

Section 4.

This act is effective immediately upon co
m
pletion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constit
u
tion.

(END)

1
HB0175