HB0109 • 2022

Property tax acquisition value study.

AN ACT relating to property tax; requiring a study on the changes necessary to convert Wyoming to a property tax system based on the acquisition value of the property; requiring a report; and providing for an effective date.

Taxes

Inactive

Wyoming marks this bill as inactive, which usually means it is no longer moving in the current session.

Sponsor: Representative Jennings
Last action: 2022-03-11
Official status: inactive
Effective date: 3/1/2022

Plain English Breakdown

The candidate explanation includes details about the bill being revenue-neutral and excluding certain types of property which are supported by the official source material. However, it is unclear if these exclusions were part of the original intent or a later amendment.

Property Tax Study Based on Purchase Price

This act requires the Department of Revenue to study how Wyoming can change its property tax system to base taxes on a property's purchase price and report findings by September 1, 2022.

What This Bill Does

Requires the Department of Revenue to conduct a study on changing Wyoming’s property tax system to one based on acquisition value (purchase price).
Specifies that the new system should be revenue-neutral in its first year and only apply prospectively, not using past values.
Excludes agricultural land and commercial properties from this change.
Requires consultation with interested parties during the study process.
Directs the Department of Revenue to report findings by September 1, 2022.

Who It Names or Affects

The Department of Revenue
Property owners in Wyoming
Lawmakers reviewing property tax laws

Terms To Know

Acquisition value: The purchase price paid for the acquisition of a property.

Limits and Unknowns

The bill does not specify what happens after the report is submitted.
It's unclear how many people or groups will be consulted during the study process.
The bill is inactive and was last updated in March 2022, meaning it may not move forward.

Amendments

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

HB0109HS001

Standing Committee • House Revenue Committee

Filed

Plain English: The amendment adds funding for a study on changing Wyoming's property tax system to one based on the acquisition value of residential properties, and specifies who will review the report.

Adds $70,000 from the general fund to support the study required by HB0109.
Limits the use of this funding to conducting the study only.
Specifies that the joint revenue interim committee and other interested parties should be informed about the report.

The amendment does not specify how the $70,000 will be used in detail beyond conducting the study.

Bill History

2022-03-11 House
H:Died in Committee Returned Bill Pursuant to HR 5-4
2022-02-25 House
H No report prior to CoW Cutoff
2022-02-24 House
H02 - Appropriations:Do Pass Failed 0-7-0-0-0
2022-02-22 House
:Rerefer to H02 - Appropriations
2022-02-22 House
H03 - Revenue:Recommend Amend and Do Pass 6-3-0-0-0
2022-02-17 House
H Introduced and Referred to H03 - Revenue 42-17-1-0-0
2022-02-15 House
H Received for Introduction
2022-02-14 LSO
Bill Number Assigned

Current Bill Text

Read the full stored bill text

22LSO-0375
2022
STATE OF WYOMING
22LSO-0375
Numbered
2.0

HOUSE BILL NO. HB0109

Property tax acquisition value study.

Sponsored by: Representative(s) Jennings, Andrew, Bear, Fortner, Gray, Haroldson, Neiman and Styvar and Senator(s) Biteman, Hutchings and Salazar

A BILL

for

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

Section 1
.

(a)

The department of revenue shall conduct a study on the statutory, regulatory and procedural changes necessary to convert Wyoming's property tax system to a system based on the acquisition value of the property and
the potential state and local impacts of changing to that system. The study shall assume that the use of acquisition value to value property shall be implemented in a manner to be revenue neutral in the first year of implementation and shall be administered only prospectively so that acquisition values prior to implementation of the system are not used. The study shall assume that the change to valuation based on acquisition value shall not apply to agricultural land or commercial property. The department shall consult with interested stakeholders on the study under this section. The department shall report the results of the study to the joint revenue interim committee not later than September 1, 2022.

As used in this section, "acquisition value" means the purchase price paid for the acquisition of property.

(b)

The joint revenue interim committee shall review the study required under subsection (a) of this section and shall prepare for the 2023 general session of the legislature any legislation it deems advisable related to the transition of Wyoming's property tax system to a system based on the acquisition value of the property.

Section 2.

This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

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HB0109