Property tax-inflation cap.

24LSO-0184
2024
STATE OF WYOMING
24LSO-0184
Numbered
2.0

HOUSE BILL NO. HB0018

Property tax-inflation cap.

Sponsored by: Joint Revenue Interim Committee

A BILL

for

AN ACT relating to ad valorem taxation; limiting the maximum annual taxable value increase for residential property; striking obsolete language; and providing for a contingent effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.

W.S. 39
‑
11
‑
101(a)(xvii) by creating a new subparagraph (C) and by renumbering subparagraph (C) as (D) and 39
‑
13
‑
103(b)(iii)(intro), by creating a new subparagraph (C) and by renumbering subparagraph (C) as (D) 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)

Residential property, nine and one
‑
half percent (9.5%), provided that the taxable value of residential property shall not increase in any one (1) year over the value from the immediately preceding year by more than the rate of inflation determined by the department using the consumer price index or its successor index of the United States department of labor, bureau of labor statistics or five percent (5%), whichever is less. The limit on an increase in value under this subparagraph shall not apply to any taxable value increase attributable to significant changes, additions, reductions or improvements to the property made in the prior year. If the property is transferred to a new owner, the value of the property shall be valued using the fair market value of the property without any limitation on an increase in value as provided in this subparagraph for the tax year that is applicable to the transfer of the property;

(C)
(D)

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%).

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)

Residential property, nine and one
‑
half percent (9.5%), provided that the taxable value of residential property shall not increase in any one (1) year over the value from the immediately preceding year by more than the rate of inflation determined by the department using the consumer price index or its successor index of the United States department of labor, bureau of labor statistics or five percent (5%), whichever is less. The limit on an increase in value under this subparagraph shall not apply to any taxable value increase attributable to significant changes, additions, reductions or improvements to the property made in the prior year. If the property is transferred to a new owner, the value of the property shall be valued using the fair market value of the property without any limitation on an increase in value as provided in this subparagraph for the tax year that is applicable to the transfer of the property;

(C)
(D)

All other property, real and personal, nine and one
‑
half percent (9.5%).

Section 2
.

This act is effective January 1, 2025 only if the electors of Wyoming approve a constitutional amendment during the 2024 general election that makes residential property a separate class for purposes of property taxation and, not later than fifteen (15) days after the certification of the election results, the attorney general certifies to the secretary of state that the constitutional amendment

authorizes the statutory modifications as provided in this act.

(END)

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HB0018