HJ0004 • 2023

Residential property tax cap-amendment.

A JOINT RESOLUTION specifying how residential real property may be valued for the purpose of property tax assessments.

Elections Taxes

Inactive

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

Sponsor: Representative Locke
Last action: 2023-02-07
Official status: inactive
Effective date: 3/1/2023

Plain English Breakdown

The official source material does not provide specific details about the maximum annual valuation increase or its impact on property taxes.

Proposed Change to Residential Property Tax Valuation

This resolution proposes an amendment to allow residential real property to be valued at less than full value with a cap on annual valuation increases.

What This Bill Does

Proposes changing the Wyoming Constitution to let the legislature set rules for how much residential property can increase in value each year when calculating taxes.
Requires that this change must be approved by voters before it becomes part of the state's constitution.

Who It Names or Affects

Homeowners and property owners whose residential real estate is taxed in Wyoming.

Terms To Know

Constitution: The highest law of a country or state that sets out the basic principles and rules for how it should be run.
Legislature: The group of people who make laws for a state, usually elected by voters.

Limits and Unknowns

It is unclear exactly what the maximum annual valuation increase would be or how it would affect property taxes.
This proposal needs voter approval to become part of the Wyoming Constitution and may not pass in its current form.

Bill History

2023-02-07 House
H:Died in Committee Returned Bill Pursuant to HR 5-4
2023-02-07 House
H No report prior to CoW Cutoff
2023-01-18 House
H Introduced and Referred to H03 - Revenue
2023-01-17 House
H Received for Introduction
2023-01-16 LSO
Bill Number Assigned

Current Bill Text

Read the full stored bill text

23LSO-0489
2023
STATE OF WYOMING
23LSO-0489
Numbered
2.0

House Joint Resolution NO. HJ0004

Residential property tax cap-amendment.

Sponsored by: Representative(s) Locke, Allemand, Banks, Davis, Jennings, Styvar and Ward and Senator(s) Laursen, D and Salazar

A JOINT RESOLUTION

for

A JOINT RESOLUTION specifying how residential real property may be valued for the purpose of property tax assessments.

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(b) 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.

(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 property other than minerals.

Section 2.

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

The adoption of this amendment would authorize the legislature to prescribe that the value of residential real property for purposes of property tax assessments may be limited by the implementation of a maximum increase in annual valuation changes.

(END)

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HJ0004