The first property tax relief bill of the 2024 legislative session to pass both chambers of the Wyoming Legislature is heading to Gov. Mark Gordon’s desk for consideration.
House Bill 3 would establish a tax exemption for long-term homeowners.
Under the legislation, people age 65 and older who have paid property taxes in Wyoming for 25 years or more would be entitled to a 50% reduction on their property taxes.
Associated land up to 35 acres also is covered in the exemption. would establish a tax exemption for long-term homeowners.
Under the legislation, people age 65 and older who have paid property taxes in Wyoming for 25 years or more would be entitled to a 50% reduction on their property taxes. Associated land up to 35 acres also is covered in the exemption.
As long as someone has paid property in taxes Wyoming for 25 years, they can qualify.
The Landscape
Property taxes have significantly increased for homeowners over the past few years, in some cases even doubling in one year.
“I’m really tickled that we can provide some relief,” said state Rep. Steve Harshman, R-Casper, co-chair of the Joint Revenue Committee that drafted HB 3.
Harshman believes the bill will be particularly helpful for retirees living on fixed incomes.
“When people reach that retirement age it’s really important to have this security,” Harshman said. “We can all agree that people who have been here all of their lives need a little bit of a break.”
The home would have to be an owner’s primary residence, thus cutting out most people who only have vacation homes in Wyoming or exemptions for those who own rental properties and don’t live on-site.
But those who do live in and own a property designed to house up to four families can still qualify for the discount.
The bill is projected to decrease overall residential property taxes in the state by $10.6 million in 2026 and nearly $11 million in 2026. This money that funds local schools and governments will not be backfilled by the state.
Property Tax Exemption For Long-Term Homeowners didn’t face much opposition at any stage of the legislative process. The most opposition was a 45-17 vote of approval in the House.
On Wednesday, the Senate approved the bill on a 21-0 vote with 10 senators abstaining due to a conflict of interest because of their age.
HB 3 would go into effect in 2025 and is set to automatically expire in 2027.
Other Property Tax Bills Still Alive
Gordon will have some interesting decisions to make with the property tax bills that come to his desk, as some still remaining take similar or identical actions, while others are almost contradictory.
House Bill 45 is one of the most significant property tax bills still remaining. This bill, as currently amended, would put a 3% cap on year-to-year property tax increases.
“That would be a huge deal as we’re not going to see these huge increases anymore,” Harshman said.
House Bill 4 would expand Wyoming’s already existing property tax refund program to people who make up to 165% of the state or their counties’ median income.
These two bills are being considered in the Senate.
Senate File 54 would cut property taxes by 25% for single-family homes worth $3 million or less in Wyoming.
Senate File 89 would increase the annual ad valorem tax exemption for veterans in Wyoming from $3,000 to $6,000.
Both of these bills are being considered in the House.
Leo Wolfson can be reached at leo@cowboystatedaily.com.
