SF0069 • 2022

Property tax limits.

AN ACT related to ad valorem taxation; limiting the maximum taxable value increase for purposes of property taxes as specified; striking obsolete language; 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: Senator Salazar
Last action: 2022-03-11
Official status: inactive
Effective date: 3/1/2022

Plain English Breakdown

The official source material did not provide specific details on removing outdated language, so this claim was removed.

Property Tax Limits

The bill limits how much the taxable value of property can increase each year for tax purposes and removes outdated language.

What This Bill Does

Limits the yearly increase in taxable value to no more than five percent (5%) for all other types of real and personal property, excluding changes or improvements made during that year.
Defines 'taxable value' as nine and one-half percent (9.5%) of a property's fair market value.

Who It Names or Affects

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

Terms To Know

Taxable value: The amount of a property's fair market value that is used to calculate property tax, set at nine and one-half percent (9.5%).
Fair market value: The price at which an asset would trade in a competitive open market under normal conditions.

Limits and Unknowns

It is unclear whether this bill will become law since it was marked as inactive and died in committee.
The bill does not specify how the five percent limit will be enforced or what happens if it is exceeded.

Bill History

2022-03-11 Senate
S:Died in Committee Returned Bill Pursuant to SR 5-4
2022-02-25 Senate
S No report prior to CoW Cutoff
2022-02-25 Senate
S05 - Agriculture:Do Pass Failed 2-3-0-0-0
2022-02-21 Senate
:Rerefer to S05 - Agriculture
2022-02-18 Senate
S Introduced and Referred to S07 - Corporations 23-6-1-0-0
2022-02-11 Senate
S Received for Introduction
2022-02-11 LSO
Bill Number Assigned

Current Bill Text

Read the full stored bill text

22LSO-0413
2022
STATE OF WYOMING
22LSO-0413
Numbered
2.0

SENATE FILE NO. SF0069

Property tax limits.

Sponsored by: Senator(s) Salazar and Biteman and Representative(s) Ottman and Wharff

A BILL

for

AN ACT related to ad valorem taxation; limiting the maximum taxable value increase for purposes of property taxes as specified; striking obsolete language; 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)(intro), (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,
"
T
axable 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, real and personal, class 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 five percent (5%) 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, 2023.

(END)

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SF0069