Wyoming has long been appealing for it's lack of state income tax, and now lawmakers are testing their hand at eliminating property taxes entirely. As reported by CowboyStateDaily.com, the Legislature’s Joint Revenue Committee has advanced a plan to eliminate residential property taxes statewide. Yes, as in no tax bill at all—a dream for homeowners, a nightmare for budget planners. The proposal pairs the tax repeal with a statewide sales-tax hike from 4% to 6%.
The Proposal, Simplified
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Lawmakers advanced several reform ideas, including a constitutional amendment banning residential property taxes.
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Cutting the tax would erase about $644 million a year in local revenue that funds schools, roads, emergency services, and snowplows.
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To replace it, one bill boosts the statewide sales tax by two points.
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Critics say the plan is regressive and rewards homeowners while squeezing lower-income residents.
Wyoming voters will have the final say, since eliminating property taxes requires a constitutional amendment. Translation: brace yourself for a classic Wyoming political showdown.
Other Property Tax Proposals
The committee also advanced several other property-tax measures, including changes to how taxes are assessed and a bill removing the sunset on the long-term homeowner exemption.
McKeown noted that while a constitutional amendment would override these fixes if it passes, lawmakers still want all options on the table.
One bill would base property assessments on 2019 values plus an inflation escalator; homes purchased after Jan. 1, 2020 would be assessed at their most recent sale price, with the same escalator applied. Lawmakers added a “de-escalator” in case the housing market drops.
The committee also approved a related constitutional amendment giving the Legislature more flexibility in setting residential assessment methods.
