CHEYENNE — The Wyoming House of Representatives passed HB98, known as the Property tax-homeowner’s exemption, Thursday to lower tax bills faced by Wyoming people due to inflation’s rising home values.
HB98 provides a tax exemption to residential property owners that equals approximately $300 per year for homeowners. The bill provides relief to homeowners from paying property taxes on the first $50,000 of their homes’ fair market value. People who have lived in Wyoming for at least five years are eligible. The bill caps the discount at 25 percent of the home’s value.
“We are hearing from Wyoming homeowners that they need tax relief,” said Speaker Pro Tempore Clark Stith. “The Wyoming Legislature is focused on providing meaningful ways for Wyoming people who are shouldering this burden. This is good policy and a common-sense solution that delivers for Wyoming people who are feeling the strain of rising costs.”
The Wyoming House of Representatives also passed HB99, increasing the threshold for an existing tax refund program, making more people eligible.
“Because Wyoming property taxes provide funding to support schools, towns and counties, it is important that we strike the right balance and are thoughtful as we discuss changes,” Representative Stith said. “Wyoming communities continue to remain a priority with this legislation.”
