The Wyoming House has passed a bill that proposes a 50 percent reduction in residential property taxes based on a million-dollar valuation. This legislation is now set to be reviewed by the state Senate.
The bill, designated House Bill 169, aims to provide tax exemptions for the years 2025 and 2026, with the measure set to expire in 2027. A fiscal note associated with the bill estimates a revenue loss of $395 million, with state funds allocated to cover approximately half of this deficit. Property taxes serve as the primary revenue source for local governments and school districts in Wyoming.
Supporters of the bill argue it will offer relief to homeowners facing significant tax increases, while opponents warn it could strain local government resources, potentially leading to service cuts. During the debate, Rep. Steve Harshman proposed an amendment to offset the property tax reduction with a 0.75 percent increase in sales tax. He stated, 'That's what conservative people do, they pay their bills.' However, Rep. Jayme Lien countered that constituents desire property tax relief without having to exchange one tax for another, leading to the defeat of the amendment.
Another amendment aimed at capping the exemption at $600,000 instead of $1 million was also rejected. Ultimately, the bill passed with a 40-20 vote and will proceed to the Wyoming Senate.