SF0125 Property tax-limiting the maximum taxable value increase. |…

Plain English Breakdown

The bill summary and text do not provide details on how the bill changes the way property is taxed beyond limiting the increase in taxable value.

Property Tax Limit on Value Increase

The bill limits how much property taxes can go up each year based on the value of the property.

What This Bill Does

Sets a limit that property tax values cannot increase by more than 5% in one year, except for changes to the property itself.

Removes outdated language from existing laws.

Who It Names or Affects

Property owners who pay taxes on their real and personal property in Wyoming.

Terms To Know

Taxable Value

The value of a property used to calculate how much tax is owed, which can be limited by the bill.

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 for further action.

It only applies to property taxes after the effective date of January 1, 2024, if it were to become law.

Bill History

2023-02-06 Senate

S COW:S Did not consider for COW

2023-01-19 Senate

S Placed on General File

2023-01-19 Senate

S03 - Revenue:Recommend Do Pass 4-1-0-0-0

2023-01-17 Senate

S Introduced and Referred to S03 - Revenue

2023-01-17 Senate

S Received for Introduction

2023-01-16 LSO

Bill Number Assigned

Current Bill Text

Read the full stored bill text

23LSO-0527
2023
STATE OF WYOMING
23LSO-0527
Numbered
2.0

SENATE FILE NO. SF0125

Property tax-limiting the maximum taxable value increase.

Sponsored by: Senator(s) Salazar, Biteman, French, Ide and McKeown and Representative(s) Ottman and Pendergraft

A BILL

for

AN ACT related to ad valorem taxation; limiting the maximum annual taxable value increase for purposes of property taxes; 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 under 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 under 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, 2024.

(END)

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SF0125