HB 108: Property Tax – Assessment Rate
2007 General Session

Sponsor: Rep. Monte Olsen (R-H22, Daniel); co-sponsors Reps. Kathy Davison (R-H20, Kemmerer), Keith Gingery (R-H23, Jackson), and Sens. Pat Aullman (R-S16, Thayne), Stan Cooper (R-S14, Kemmerer), Grant Larson (R-S17, Jackson), Charlie Scott (R-S30, Casper)

HB 108 would have reduced the taxable value that personal property is taxed in Wyoming.

Wyoming statute now specifies three different taxable values (a percentage of the fair market value of property) for different types of property in the state. Minerals and mine products are taxed at 100% of their value. Property used for industrial purposes is taxed at 11.5% of fair market value. All other property, real and personal, is taxed at 9.5% of fair market value.

HB 108 would have reduced the taxable value of the third category, all other real and personal property, from 9.5% to 8.25% of fair market value.

HB 108 would have reduced property tax revenue to the state by an estimated $102 million during fiscal years 2009 and 2010. The bill proposed two appropriations to maintain revenue to local governments and to the school foundation fund that would otherwise have been lost. The budget reserve account would have been tapped for $85.2 million for local governments, and $16.8 million for the school foundation account, to maintain their revenues.

Supporters of HB 108 wanted to give some tax relief to Wyoming taxpayers, considering the extremely high revenues the state is now receiving as a result of record high minerals production and value.

Opponents of HB 108 argued that a property tax break would disproportionately benefit wealthier people but would do little or nothing to help poorer people in the state, many of whom own no property to begin with.

HB 108 died without a vote after it was indefinitely postponed by the House Revenue Committee.

HB 108, INTRODUCED