Property tax assessment rates.

2017
STATE OF WYOMING
17LSO-0485
Introduced
1.3

HOUSE BILL

NO.

HB0162

Property tax assessment rates.

Sponsored by:
Representative(s) Madden

A BILL

for

AN ACT relating to property tax; increasing the property tax assessment rates for property used for industrial purposes and for all other property as specified; providing for the creation of and distribution of funds to the property tax refund program account; providing sunset dates; specifying applicability; and providing for an effective date.

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

Section 1
.

W.S. 9
‑
4
‑
601(a)(ii) and by creating a new paragraph (xii), 39
‑
11
‑
101(a)(xvii)(B), (C) and by creating a new subparagraph (D), 39
‑
13
‑
103(b)(iii)(B), (C) and by
creating a new subparagraph (D) and 39
‑
13
‑
109(c)(v)
by creating a new subparagraph (F)
are amended to read:

9
‑
4
‑
601
.

Distribution and use; funds, accounts, cities and towns benefited; exception for bonus payments.

(a)

All monies received by the state of Wyoming from the secretary of the treasury of the United States under the provisions of the act of congress of February 25, 1920 (41 Stat. 437, 450; 30 U.S.C. §§ 181, 191), as amended, or from lessees or authorized mine operators and all monies received by the state from its sale of production from federal mineral leases subject to the act of congress of February 25, 1920 (41 Stat. 437, 450; 30 U.S.C. §§ 181, 191) as amended, except as provided by subsection (b) of this section, shall be deposited into an account and the first two hundred million dollars ($200,000,000.00) of revenues received in any fiscal year shall be distributed by the state treasurer as provided in this subsection. One percent (1%) of these revenues shall be credited to the general fund as an administrative fee, and the remainder shall be distributed as follows:

(ii)

Subject to
paragraph

paragraphs

(xi)

and (xii)
of this section, forty
‑
four and eight
‑
tenths percent (44.8%) to the public school foundation program account subject to allocations under W.S. 9
‑
4
‑
605;

(xii)

Beginning July 1, 201
8, for payments attributable to fiscal year 2019,
t
he amount under paragraph (ii) of this section shall be
reduced to forty
‑
four and one
‑
tenth percent (44.1%). The remaining seven
‑
tenths percent (0.7%) shall be deposited in the property tax refund
program
account as provided in W.S. 39
‑
13
‑
109(c
)(
v)(F). This pa
ragraph is repealed July 1, 2023
or on July 1 of the year immediately following the calendar year the state board of equalization certifies to the
state treasurer
that the assessed valuation for all mineral production in the previous calendar year was
at least

twelve billion five hundred million dollars ($12,500,000,000.00), whichever occurs first.

39
‑
11
‑
101
.

Definitions.

(a)

As used in this act unless otherwise specifically provided:

(xvii)

"Taxable value" means a percent of the fair market value of property in a particular class as follows:

(B)

Property used for industrial purposes, eleven and one
‑
half percent (11.5%)

plus any additional amount provided in subparagraph (D) of this paragraph
;

(C)

All other property, real and personal, including property valued and assessed under W.S. 39
‑
13
‑
102(m)(vi) and (ix), nine and one
‑
half percent (9.5%)
.

plus any additional amount provided in subparagraph (D) of this paragraph
;

(D)

The percentage applicable in subparagraphs (B) and (C) of this paragraph shall be increased by two percent (2%) so the applicable percent under subparagraph (B) is thirteen and one
‑
half percent (13.5%) and the applicable percent under subparagraph (C)
is eleven and one
‑
hal
f
percent (11.5%). This subparagraph is repealed J
anuary
1
, 202
2
or on January 1
of the year immediately following the calendar year the state board of equalization certifies to the state treasurer that the assessed valuation for all mineral production in the previous calendar year was
at least
twelve billion five hundred million dollars ($12,500,000,000.00), whichever occurs first.

39
‑
13
‑
103
.

Imposition.

(b)

Basis of tax. The following shall apply:

(iii)

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

(B)

Property used for industrial purposes, eleven and one
‑
half percent (11.5%)

plus any additional amount provided in subparagraph (D) of this paragraph
;

(C)

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

plus any additional amount provided in subparagraph (D) of this paragraph
;

(D)

The percentage applicable in subparagraphs (B) and (C) of this paragraph shall be increased by two percent (2%) so the applicable percent under subparagraph (B) is thirteen and one
‑
half percent (13.5%) and the applicable percent under subparag
raph (C) is eleven and one
‑
half
percent (11.5%). This subparagraph is repealed J
anuary 1, 202
2
or on January
1 of the year immediately following the calendar year the state board of equalization certifies to the state treasurer that the assessed valuation for all mineral production in the previous calendar year was
at least
twelve billion five hundred million dollars ($12,500,000,000.00), whichever occurs first.

39
‑
13
‑
109
.

Taxpayer remedies.

(c)

Refunds. The following shall apply:

(v)

The following shall apply to the property tax refund program:

(F)

There is hereby created the property tax refund program account. The
account
shall consist of appropriations from
the
legislature and such other funds as provided by law. Funds in the account are continuously appropriated to the department and shall only be expended to fund the property tax refund program as provided by this paragraph.

Section 2
.

The percentage rates under W.S. 39
‑
11
‑
101(
a)(xvii)(B) and (C) and 39
‑
13
‑
103(b)(iii)(B) and (C)
as amended by this act
shall apply to the valuation of property
beginning
in calendar year 2018.

Section

3
.

This
act is effective July 1,
201
7
.

(END)

1
HB0162