Wyoming Property Tax Proposal Blows Up Radio Show’s Phones

As host of Wyoming's only state-wide morning talk show, Wake Up Wyoming, I have 4 hours to fill, 5 days a week. So I usually pick many topics to fill that time with interesting subjects.

It is rare when one topic dominates all 4 hours.

On Wednesday, 02/21/24 I began the show, at 6:06 am with the topic of a new tax idea for Wyoming that would eliminate most Wyoming property taxes.

Folks from across the state, and even some surrounding states, were listening with interest and quickly began calling in and texting the show.

Now THAT is a hot topic.

Some Wyoming property taxes have skyrocketed due to folks moving to the state and paying far above market value to buy a home, or building a very expensive home.

This drives up assessed property values and therefore property taxes.

Let's look at this new Wyoming tax idea that has everybody so excited.

It began when Rep. Steve Harshman proposed to exempt residential property taxes for about 97% of Wyomingites in exchange for a 2% hike in Wyoming’s sales.

Since a good percentage of Wyoming sales tax is paid by tourists, this would help ease the sales tax burden.

All sales tax money would be collected by the state and sent to the counties.

House Bill 203 would exempt $1 million of the market value for single-family residences. So any home worth $1 million or less would not have to pay any property tax.

That market value would increase by 2% each year, with inflation. By 2074 any house worth $2.7 million would be tax-free.

This threshold would affect an estimated 97% of Wyoming homeowners.

Some folks don't like the idea of increasing sales taxes, but Wyoming does have a very low current sales tax compared to surrounding states.

For homeowners it makes sense. Currently, they can pay their property off but they still owe property taxes. If they can't pay the property tax they will lose their home to the government. With this tax idea, there is no chance of that.

But what about those people who don't own a home? Won't this just raise prices on everyday items?

Harshman acknowledges this is a weakness of the bill and said he will explore options as it moves through the legislative process to add some relief options for renters. He also believes the bill would encourage landlords to not raise rents on their properties. (Cowboy State Daily). 

Wyoming Mining Association chief Travis Deti says a landmark tax reform bill would impact competition in all sectors of the energy industry.

Potential impacts of the bill on the mining industry could be significant (Cowboy State Daily). 

 

Details on that front are being worked out.

There is a proposal to appease the coal and oil and gas industries by providing a refund or credit to individual energy companies to help offset losses.