Residential property taxation amendment.

23LSO-0032
2023
STATE OF WYOMING
23LSO-0032
Numbered
2.0

House Joint Resolution NO. HJ0001

Residential property taxation amendment.

Sponsored by: Joint Revenue Interim Committee

A JOINT RESOLUTION

for

A JOINT RESOLUTION providing for the assessment of residential real property as a separate property class for the purpose of property tax assessments, specifying how residential real property may be valued and authorizing certain exemptions and subclasses related to residential real property.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF WYOMING,
two-thirds of all the members of the two houses, voting separately, concurring therein:

Section 1.

The following proposal to amend Wyoming Constitution, Article 15, Section 11(a)(intro), (ii), by creating a new paragraph (iii), by renumbering (iii) as (iv) and (b) through (d) is proposed for submission to the electors of the State of Wyoming at the next general election for approval or rejection to become valid as a part of the Constitution if ratified by a majority of the electors at the election:

Article 15, Section 11.

Uniformity of assessment required.

(a)

All property, except as in this constitution otherwise provided, shall be uniformly valued at its full value as defined by the legislature, in
three (3)
four (4)
classes as follows:

(ii)

Property used for industrial purposes as defined by the legislature;
and

(iii)

Residential real property; and

(iii)
(iv)

All other property, real and personal.

(b)

The legislature shall prescribe the percentage of value which shall be assessed within each designated class. All taxable property shall be valued at its full value as defined by the legislature except agricultural and grazing lands which shall be valued according to the capability of the land to produce agricultural products under normal conditions
and residential real property which may be valued at less than full value as prescribed by the legislature through the implementation of a maximum annual valuation increase
. The percentage of value prescribed for industrial property shall not be more than forty percent (40%) higher nor more than four (4) percentage points more than the percentage prescribed for
residential real property or more than forty percent (40%) higher nor more than four (4) percentage points more than the percentage prescribed for all other
property other than minerals.

(c)

Except as provided in this subsection, t
he legislature shall not create new classes or subclasses or authorize any property to be assessed at a rate other than the rates set for authorized classes.
The legislature may create a subclass of residential real property for primary home owners and may authorize exemptions that apply to primary home owners or additional subclasses of residential real property as determined by the legislature by general law.

(d)

All taxation shall be equal and uniform within each class
and subclass
of property. The legislature shall prescribe such regulations as shall secure a just valuation for taxation of all property, real and personal.

Section 2.

That the Secretary of State shall endorse the following statement on the proposed amendment:

The adoption of this amendment would separate residential real property into its own class of property for purposes of property tax assessments. The amendment would authorize the legislature to prescribe that the value of residential real property may be limited by the implementation of a maximum increase in annual valuation changes. The amendment would also authorize the legislature to create a subclass of residential real property for primary home owners and to establish tax exemptions that apply to primary home owners or other subclasses of residential real property as determined by the legislature.

(END)

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HJ0001