KLS Keeping Law Simple Legislation in plain English

Straight-ahead summaries built from the official bill text. We keep the source links front and center and leave the decision up to you.

Back to Wyoming

SJ0012 • 2023

Constitutional amendment-property tax valuation.

A JOINT RESOLUTION providing for the assessment of residential real property as a separate property class for the purpose of taxation and providing for valuation of residential real property.

Taxes
Inactive

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

Sponsor
Senator Dockstader
Last action
2023-02-07
Official status
inactive
Effective date
3/1/2023

Plain English Breakdown

The bill is marked as inactive, which means it did not move forward in the current session.

Constitutional Amendment on Property Tax Valuation

This resolution proposes a constitutional amendment in Wyoming to create a separate class for residential real property and set rules for its valuation.

What This Bill Does

  • Proposes an amendment to the Wyoming Constitution to treat residential real property as a distinct category for tax purposes.
  • Establishes that starting January 1, 2025, newly constructed residential properties will be valued based on their construction cost plus land value from January 1, 2019.
  • Specifies existing residential properties should retain their initial valuation until they are sold or improved after the effective date.

Who It Names or Affects

  • Homeowners and residents who own real estate in Wyoming.

Terms To Know

Property class
A category of property that is taxed differently from other types of property.
Base value
The initial valuation of a property used as the starting point for future tax assessments.

Limits and Unknowns

  • This resolution would need to be approved by Wyoming voters in a general election before it can become part of the state constitution.
  • Details about how inflation adjustments will be calculated are not specified and will depend on future legislation.

Bill History

  1. 2023-02-07 Senate

    S:Died in Committee Returned Bill Pursuant to SR 5-4

  2. 2023-02-06 Senate

    S No report prior to CoW Cutoff

  3. 2023-01-24 Senate

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

  4. 2023-01-20 Senate

    S Introduced and Referred to S03 - Revenue

  5. 2023-01-19 Senate

    S Received for Introduction

  6. 2023-01-18 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
23LSO-0040
2023
STATE OF WYOMING
23LSO-0040
Introduced
2.0

Senate Joint Resolution NO. SJ0012

Constitutional amendment-property tax valuation.

Sponsored by: Senator(s) Dockstader and Representative(s) Allred

A JOINT RESOLUTION

for

A JOINT RESOLUTION providing for the assessment of residential real property as a separate property class for the purpose of taxation and providing for valuation of 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), (b) and by creating a new subsection (e) 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
residential real property as provided in subsection (e) of this section and
agricultural and grazing lands which shall be valued according to the capability of the land to produce agricultural products under normal conditions. 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.

(e)

Notwithstanding any other provision of this section, effective January 1, 2025 residential real property shall be valued as provided in this subsection. Residential real property that is newly constructed on or after January 1, 2019 shall initially be valued based on the cost of construction as defined by the legislature plus the fair market value of the land as of January 1, 2019. All other residential real property shall initially be valued at its fair market value on January 1, 2019. The base value determined under this subsection may be adjusted for inflation as determined by the legislature. Residential real property shall retain the base value determined for the property under this subsection until:

(i)

An addition or improvement is made to the property on or after January 1, 2019. The addition or improvement shall be valued based on the cost of construction as defined by the legislature. The value of any addition or improvement under this paragraph shall be added to the value of the property previously determined under this subsection to determine the new base value of the property; or

(ii)

Ownership or the responsibility for the payment of taxes on the property is transferred to a new person after January 1, 2025. Property transferred to a new person shall be valued at the fair market value of the property on the date of the transfer. The value determined under this paragraph shall be the new base value of the property until the property is transferred as provided in this paragraph or an addition or improvement to the property is made as provided in this subsection.

Section 2.

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

The adoption of this amendment would make residential real property its own class of property for purposes of property tax assessments. The amendment would specify that after January 1, 2025, the base value for all residential real property is the fair market value of the property as of January 1, 2019, or its value of construction for residential real property constructed after January 1, 2019 until the residential real property is transferred or until there is an addition or improvement to the residential real property. The amendment would authorize the legislature to provide that the base value of the property may be adjusted for the costs of inflation.

(END)

1
SJ0012