HB0099 • 2021

Property tax increase limit-2.

AN ACT related to ad valorem taxation; limiting the maximum taxable value increase for purposes of property taxes as specified; and providing for an effective date.

Taxes

Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor: Representative Gray
Last action: 2021-03-22
Official status: inactive
Effective date: 3/1/2021

Plain English Breakdown

The official source material does not provide a detailed summary of the bill's provisions beyond what is included in the provided excerpt.

Limit on Property Tax Increases

The bill limits how much property taxes can increase each year for certain types of property in Wyoming.

What This Bill Does

Limits the yearly increase in taxable value for all other real and personal property to no more than three percent (3%).
Requires that the taxable value is calculated as nine and one-half percent (9.5%) of the fair market value.

Who It Names or Affects

Property owners in Wyoming who pay taxes on real and personal property classified under 'all other property'.

Terms To Know

Taxable Value: The amount of a property's value that is used to calculate property tax.
Fair Market Value: The price at which an asset would trade in a competitive open market under normal conditions.

Limits and Unknowns

The bill did not pass and was not considered by the Committee of the Whole (COW).
It is unclear how many property owners will be affected since it only applies to 'all other property' class.
The effective date mentioned in the bill text is January 1, 2022, but this did not come into effect as the bill was not passed.

Amendments

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

HB0099HS001

Standing Committee • House Revenue Committee

Filed

Plain English: The amendment changes the maximum yearly increase in taxable value for property taxes from three percent to twenty percent.

Changes the limit on the annual increase of a property's taxable value from 3% to 20%.

Bill History

2021-03-22 House
H COW:H Did not consider for COW
2021-03-01 House
H Placed on General File
2021-03-01 House
H03 - Revenue:Recommend Amend and Do Pass 7-0-0-2-0
2021-02-04 House
H Introduced and Referred to H03 - Revenue
2021-02-03 House
H Received for Introduction
2021-02-02 LSO
Bill Number Assigned

Current Bill Text

Read the full stored bill text

21LSO-0187
2021
STATE OF WYOMING
21LSO-0187
Numbered
2.0

HOUSE BILL NO. HB0099

Property tax increase limit-2.

Sponsored by: Representative(s) Gray, Baker, Bear, Blackburn, Duncan, Hallinan, Jennings, Sweeney and Washut and Senator(s) Biteman, Driskill and Salazar

A BILL

for

AN ACT related to ad valorem taxation; limiting the maximum taxable value increase for purposes of property taxes as specified; and providing for an effective date.

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

Section 1.

W.S. 39
‑
11
‑
101(a)(xvii)(C) and 39
‑
13
‑
103(b)(iii)(C) and by creating a new paragraph (xviii) are amended to read:

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:

(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%)
, subject to the limitation imposed by W.S. 39
‑
13
‑
103(b)(xviii)
.

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:

(C)

All other property, real and personal, nine and one
‑
half percent (9.5%)
, subject to the limitation imposed by paragraph (xviii) of this subsection
.

(xviii)

To secure a just valuation for taxation of property as required by the Wyoming constitution, the taxable value of any property in the all other property class, real and personal, identified in paragraph (a)(iii) of article 15, section 11 of the Wyoming constitution, shall not increase in any one (1) year by more than three percent (3%) from the taxable value of the property determined in the prior year, not including any taxable value increase attributable to changes, additions, reductions or improvements to the property made in the prior year.

Section 2.

This act is effective January 1, 2022.

(END)

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HB0099