Dear editor:
Regarding Jackson Walker's September 6 article on property tax:
The following changes would greatly simplify and increase fairness of Wyoming property tax while establishing a firm, predicable basis for county revenue:
A. Freeze property assessments at their 2024 value.
B. Allow assessments for each year following 2024 to be increased not more than the annual cost price index percentage for the year (i.e., a CPI of 3 would result in a 3% increase in a property’s assessment).
C. Assess new properties not previously subject property tax at the average value of properties in the same Land Economic Area as the new property for the year that the new property enters into beneficial use.
D. Continue the assessed value in place at the time of the change in ownership of a property with the new owner.
E. Counties desiring increased property tax revenue would submit to the registered voters of the county proposed mil levy increases necessary to achieve the desired increased revenue.
F. In the interest of transparency, annually Counties would submit their total tax receipts and expenditures to the Department of Revenue, which would compile and publish that information for public and Legislature review.
The existing property tax statutes and the resulting Department of Revenue Rules and exemptions have created a system that is complex and burdensome.
The calculation of the property tax due is straightforward once the assessed value of a property is established.
Establishing the assessed value is currently a complex process subject to the interpretation of the applicable Statutes and Rules by County Assessors, which results in variation of assessments from county-to-county as well as property-to-property.
The property tax protest process through a County Board of Equalization is so biased for the County Assessor that attorneys will not go before the Board with a citizen who has filed a protest because, “there is no chance of winning” due to the Board’s assumption that the assessed value is always correct.
Further, the recent implementation of exemptions and credits has increased Assessors’ workload as well as adding confusion to the tax-paying citizenry.
There currently is no accounting or transparency of the property tax collected and spent by each county or in aggregate by the State. Compiling this information would help the Legislature assure consistency in property tax matters across the state as well as provide transparency to the citizenry.
Implementing the above changes would establish a firm foundation of assessments and future tax receipts.
The elimination of annual assessments post 2024 will simplify Assessors’ duties and workload and should result in a reduction of staff.
The changes would also provide the citizenry with easily understood and uniform establishment of the annual assessed value and resulting tax of their property.
Lastly, the average cost-price-index (i.e., average inflation) for 2000 through 2024 is 2.73. The 2024 CPI was 2.4.
Linking CPI to assessed value increases guarantees that the property tax revenue will keep pace with inflation thereby ensuring County services are maintained.
The above changes would also allow Counties to accurately predict their annual tax revenue.
Sincerely,
Albert O. Bendure
Thayne, Lincoln County
