Wyoming is considering new legislation, House Bill No. HB0112, that could introduce a real estate transfer tax aimed at offsetting the property tax burden for its residents. This proposal, backed by Representatives Mike Yin and Liz Storer and Senator Mike Gierau, is set to be discussed in the upcoming Wyoming Legislative Session and has the potential to impact the state’s approach to property taxes.
Key Features of the Bill
The proposed bill outlines an excise tax on the sale of real property with a tax rate of 0% for sales up to one million dollars, and a rate of 1% for sales exceeding this amount. It includes several exemptions, such as for agricultural land and transfers to nonprofit organizations, aiming to minimize the impact on specific groups and transaction types.
Revenue from the tax would be divided equally between the county where the transaction occurs and a statewide distribution based on the reduction in property taxes. The bill also proposes a slight reduction in the property tax assessment ratio, which could lead to a marginal decrease in property taxes for residents.
Implementation and Enforcement
The Department of Revenue is tasked with developing rules for the tax’s implementation by January 1, 2025. The bill emphasizes compliance and includes penalties for non-compliance, highlighting the importance of adherence to the new tax regulations.
- Wyoming State Canvassing Board to Certify 2024 General Election Results Tomorrow - November 12, 2024
- Montana Secures $12 Million to Help Landowners Prevent Grizzly Bear Conflicts - November 5, 2024
- Yellowstone Road Closures Begin November 1st - October 28, 2024
