SF0054 passes the Wyoming Senate 29-2

Senate Vice President Dave Kinskey (SD-22) applauded the amendments to, and subsequent passage of SF0054 Homeowner tax exemption, an immediate tax relief proposal that will make 46 percent of homes property tax free. 

According to a release, the bill was amended to embrace the key elements of Kinskey’s original property tax legislation, SF121 Property tax-homeowner’s exemption. SF0054 passed the Wyoming Senate 29-2.

“The Wyoming Senate made critical changes to this bill that will provide the real property tax relief Wyoming people need now,” Kinskey said. “I am grateful to my Senate colleagues, who agreed this was a good and appropriate solution to get help to the Wyoming people as soon as possible. It was a collective effort with a lot of hard work and agreement behind it.”

The bill, which would become effective this year, would apply to all residences and would completely eliminate property taxes for homes valued at $200,000 and lower. The legislation would uphold stable funding for local governments who rely on property taxes to function. 

“While I didn’t get everything I fought for, this is a solid step towards real property tax relief for Wyoming homeowners,” the District 22 Senator added. “I want to thank my fellow legislators for supporting the majority of my plan to significantly increase the homestead exemption. The plan significantly lowers property taxes for everyone and entirely eliminates property taxes for nearly 46 percent of Wyoming homeowners.”

Wyoming property taxes are on track to increase more than 80% by 2026 to more than $700 million, according to Kinskey. That includes a nearly 40% increase over the past two years. SF0054 ensures a good share of that money goes back into taxpayers’ pockets.

At least 18 property tax bills were introduced in the House and Senate at the start of the Budget Session. Senator Kinskey said the volume of legislation points to the Legislature’s commitment to passing reforms. However, according to Kinskey, there are problems with some bills’ approach. Exemptions based on a percentage of a home’s value, for example, favor the ultra-wealthy while offering little relief to low-income families. Likewise, a cap on future annual increases does not give taxpayers relief for the spike in tax bills they’ve suffered over recent years. This tax bill, though, gives immediate and real relief for the burden taxpayers have suffered.

Last year the Legislature approved funding for very limited local property tax relief, based on a homeowner’s income. 

“You shouldn’t have to provide your income tax return or prove you lack assets to get a tax cut,” Kinskey said. “The bill we passed affords relief to everyone, without the burdensome application process. Senate File 54 provides equitable relief for all residents. No special qualifications, no costly paperwork, no hoops to jump through—just an immediate and level tax cut to every Wyoming homeowner,” Kinskey said. “What’s more, the relief in this bill is measured. The reduction in public revenue can be absorbed by our state without compromising crucial services, and the bill provides ‘backfill’ to safeguard funding for local government services and programs.”