Bill Would Eliminate Most Wyoming Property Tax, Hike Sales Tax 2%

[1srelluc]

Blockbuster Bill Would Eliminate Most Wyoming Property Tax, Hike Sales Tax 2%

Rep. Steve Harshman's blockbuster tax reform proposal that would eliminate most property tax in Wyoming in return for hiking the sales tax by 2% passed the House Revenue Committee on Tuesday. “Our people need this and want this,” he said.

cowboystatedaily.com

If a blockbuster tax reform proposal from Casper Republican state Rep. Steve Harshman goes the distance, most property taxes in Wyoming would be eliminated in lieu of hiking the state sales tax by 2%.

Harshman is the sponsor of House Bill 203, which would remove all property taxes for an estimated 97% of Wyoming homeowners. In turn, the Wyoming sales tax would increase from 4% to 6%.

He told Cowboy State Daily he considers the legislation as representing the most significant tax reduction in Wyoming history, and a change to a property tax structure that has changed little since the 1800s.

The bill passed the House Revenue Committee on Tuesday 8-1, after Harshman urged the committee not to delay the proposal until the upcoming interim session.

“Our people need this and want this,” he said.

How It Works​

The bill exempts $200,000 of the fair market value of the assessment of single-family residential properties for this current tax year. Every year after, $1 million of fair market value would be exempt.

The $1 million exclusion would remove all property taxes for homes valued at $1 million or less.

The additional 2% sales tax collected in return would be transferred to a property tax reduction and replacement account run by the state.

Money from this account would be distributed to county treasurers under the same distribution now used for property taxes, which would be used to reimburse each county and governmental entity from the $460 million in lost property taxes they could expect from the exemption starting in 2025.

“Our golden goose, we’re going to keep it whole,” Harshman said.

To pass his bill, Harshman was able to win over Wyoming Freedom Caucus Republicans.

Rep. Tony Locke, R-Casper, said he supports HB 203 because it allows taxpayers to more easily dictate their total taxes with their purchases.

Some Pushback​

Rep. Liz Storer, D-Jackson, was the only member of the committee to vote against HB 203 on Tuesday. Most of the single-family properties in her community of Teton County are valued at more than $1 million.

Storer said she’s concerned about the volatility of sales tax revenue.

In a future recessionary event similar to the beginning of the COVID-19 pandemic, Wyoming’s sales tax revenue would drastically plummet, removing a critical funding source for local governments and education orchestrated by the bill, she said. Replacing money in this scenario would likely have to come out of the state’s savings accounts or by cutting budgets.

Laramie resident and business owner Brett Glass spoke against the bill, saying it will cause younger workers who rent their homes to leave the state because they will not be able to continue to live in Wyoming because of the sales tax increase.

“It could severely hurt small businesses because not only will we not be able to find workers, but our sales are going to be hurt on everything we sell,” he said.

Ashley Harpstreith, executive director of the Wyoming Taxpayers Association, offered a similar take.

“Not only will this affect spending decisions for those investing in million-dollar purchases, but sales tax is regressive and will cause an undue burden on those contemplating buying diapers,” she said.

Harshman said the bill is projected to create a roughly $40 million surplus after its first, which is expected to increase in years thereafter.

Any remaining money after the local government payments are distributed by the Wyoming Department of Revenue, can be accessed as a sales tax refund for anyone who pays both severance taxes and sales or use taxes in Wyoming.

Before its passage, Harshman gave a final plea for the committee to consider the bill after three full meetings spent discussing it. He mentioned how out-of-state visitors pay 10%-15% of Wyoming’s sales tax revenues.

“Don’t get into this complicated thing, it’s an exemption that’s paid for with the sales tax,” Harshman said.

Many expenses in Wyoming are exempt from sales taxes like groceries and rent.

I'm in favor of consumption based taxes over property taxes.

No more assessment vs value games to manipulate county revenue from the middle class.

So tired of raising taxes on properties to pay for schools for section 8 parents.

 

[Crepitus]

That's severely regressive.

 

[Dadoalex]

Blockbuster Bill Would Eliminate Most Wyoming Property Tax, Hike Sales Tax 2%

Rep. Steve Harshman's blockbuster tax reform proposal that would eliminate most property tax in Wyoming in return for hiking the sales tax by 2% passed the House Revenue Committee on Tuesday. “Our people need this and want this,” he said.

cowboystatedaily.com

If a blockbuster tax reform proposal from Casper Republican state Rep. Steve Harshman goes the distance, most property taxes in Wyoming would be eliminated in lieu of hiking the state sales tax by 2%.

Harshman is the sponsor of House Bill 203, which would remove all property taxes for an estimated 97% of Wyoming homeowners. In turn, the Wyoming sales tax would increase from 4% to 6%.

He told Cowboy State Daily he considers the legislation as representing the most significant tax reduction in Wyoming history, and a change to a property tax structure that has changed little since the 1800s.

The bill passed the House Revenue Committee on Tuesday 8-1, after Harshman urged the committee not to delay the proposal until the upcoming interim session.

“Our people need this and want this,” he said.

How It Works​

The bill exempts $200,000 of the fair market value of the assessment of single-family residential properties for this current tax year. Every year after, $1 million of fair market value would be exempt.

The $1 million exclusion would remove all property taxes for homes valued at $1 million or less.

The additional 2% sales tax collected in return would be transferred to a property tax reduction and replacement account run by the state.

Money from this account would be distributed to county treasurers under the same distribution now used for property taxes, which would be used to reimburse each county and governmental entity from the $460 million in lost property taxes they could expect from the exemption starting in 2025.

“Our golden goose, we’re going to keep it whole,” Harshman said.

To pass his bill, Harshman was able to win over Wyoming Freedom Caucus Republicans.

Rep. Tony Locke, R-Casper, said he supports HB 203 because it allows taxpayers to more easily dictate their total taxes with their purchases.

Some Pushback​

Rep. Liz Storer, D-Jackson, was the only member of the committee to vote against HB 203 on Tuesday. Most of the single-family properties in her community of Teton County are valued at more than $1 million.

Storer said she’s concerned about the volatility of sales tax revenue.

In a future recessionary event similar to the beginning of the COVID-19 pandemic, Wyoming’s sales tax revenue would drastically plummet, removing a critical funding source for local governments and education orchestrated by the bill, she said. Replacing money in this scenario would likely have to come out of the state’s savings accounts or by cutting budgets.

Laramie resident and business owner Brett Glass spoke against the bill, saying it will cause younger workers who rent their homes to leave the state because they will not be able to continue to live in Wyoming because of the sales tax increase.

“It could severely hurt small businesses because not only will we not be able to find workers, but our sales are going to be hurt on everything we sell,” he said.

Ashley Harpstreith, executive director of the Wyoming Taxpayers Association, offered a similar take.

“Not only will this affect spending decisions for those investing in million-dollar purchases, but sales tax is regressive and will cause an undue burden on those contemplating buying diapers,” she said.

Harshman said the bill is projected to create a roughly $40 million surplus after its first, which is expected to increase in years thereafter.

Any remaining money after the local government payments are distributed by the Wyoming Department of Revenue, can be accessed as a sales tax refund for anyone who pays both severance taxes and sales or use taxes in Wyoming.

Before its passage, Harshman gave a final plea for the committee to consider the bill after three full meetings spent discussing it. He mentioned how out-of-state visitors pay 10%-15% of Wyoming’s sales tax revenues.

“Don’t get into this complicated thing, it’s an exemption that’s paid for with the sales tax,” Harshman said.

Many expenses in Wyoming are exempt from sales taxes like groceries and rent.

I'm in favor of consumption based taxes over property taxes.

No more assessment vs value games to manipulate county revenue from the middle class.

So tired of raising taxes on properties to pay for schools for section 8 parents.

So while the guy living in a 2 BR apartment and making $40K has his taxes raised...
The billionaire owning a few thousand acres vacation home has his lowered.

Ladies and gentlemen...The Republican Party at work.

 

[Yarddog]

So while the guy living in a 2 BR apartment and making $40K has his taxes raised...
The billionaire owning a few thousand acres vacation home has his lowered.

Ladies and gentlemen...The Republican Party at work.

Why do you focus on a billionaire in wyoming? as a matter of fact there are only six. The average home price there is about 300K.... and people there have to pay huge utility bills on average 300-400 a month..

So an upside to the bill is that it provides more incentive to become a home buyer. There's always pros and cons.. but you're trying to use two extremes in this case.

 

[Dadoalex]

Why do you focus on a billionaire in wyoming? as a matter of fact there are only six. The average home price there is about 300K.... and people there have to pay huge utility bills on average 300-400 a month..

So an upside to the bill is that it provides more incentive to become a home buyer. There's always pros and cons.. but you're trying to use two extremes in this case.

Sigh...

The median income in Wyoming is $33k per year.
I note you didn't get upset when my example was 25% over the median.

"
Does Wyoming have a lot of millionaires?


How much are the richest Americans worth? For those who live in Wyoming, they are on average worth nearly $300 million each. The Equality State is home to 608 ultra-wealthy individuals, according to a 2023 SmartAsset net-worth study based on the most recent IRS statistics."


See if you can do the math.

How does a person earning $33k buy a $300k home?
He earns about 2750 a month.
Takes home probably $2200
Pays $1,300 in rent.
Say $300 for food
Say $300 for transportation (car, insurance, gas, maint,etc)
Say $200 for utilities (heat/AC,phone, etc.)
That's $2100 per in expenses so it will take our hero about 6600 months to sav a 20% down payment.

BUUUUUT...

The GOP says raise taxes on this guy because...
Well, because the poor guy don't make donations.

Tax the poor so the rich can have more
The GOP in 2024.

 

[Yarddog]

Sigh...

The median income in Wyoming is $33k per year.
I note you didn't get upset when my example was 25% over the median.

"
Does Wyoming have a lot of millionaires?


How much are the richest Americans worth? For those who live in Wyoming, they are on average worth nearly $300 million each. The Equality State is home to 608 ultra-wealthy individuals, according to a 2023 SmartAsset net-worth study based on the most recent IRS statistics."


See if you can do the math.

How does a person earning $33k buy a $300k home?
He earns about 2750 a month.
Takes home probably $2200
Pays $1,300 in rent.
Say $300 for food
Say $300 for transportation (car, insurance, gas, maint,etc)
Say $200 for utilities (heat/AC,phone, etc.)
That's $2100 per in expenses so it will take our hero about 6600 months to sav a 20% down payment.

BUUUUUT...

The GOP says raise taxes on this guy because...
Well, because the poor guy don't make donations.

Tax the poor so the rich can have more
The GOP in 2024.

About 12,000 millionaires out of 584,000 people..... over 70% of residents are home owners and seems to me this will have a big benefit for most people.
Also consider Wyoming already has a very low sales tax rate between 4 - 6 percent. They also have lower poverty rate than both California and New York... so they are doing something right.
While there is always a pro and con to everything... you guys are blowing this way out of proportion.
If 70 % of the population benifit from not having to pay property tax, that will boost the private sector economy also potentialy helping everyone.

 

[Dadoalex]

About 12,000 millionaires out of 584,000 people..... over 70% of residents are home owners and seems to me this will have a big benefit for most people.
Also consider Wyoming already has a very low sales tax rate between 4 - 6 percent. They also have lower poverty rate than both California and New York... so they are doing something right.
While there is always a pro and con to everything... you guys are blowing this way out of proportion.
If 70 % of the population benifit from not having to pay property tax, that will boost the private sector economy also potentialy helping everyone.

Let's see...

the average property tax rate in WY is 0.61%.
the average home value is 333k
So this saves the average homeowner about $2000 annually while costing the average worker an extra $400 sounds great right? Unless you actually earn the average wage in WY because the guy earning $33k per year can't afford a house so it saves him nothing while costing him $400.

Deal's not looking so good now, BUT WAIT...

Let's look at the home that sold for 2.25M in Jackson Hole.
This will save that person $13, 750 per year while costing him $400...

The GOP in 2024
If you're rich, we're your guys
If not, then we'll tell you lies.

 

[Libby von H]

Blockbuster Bill Would Eliminate Most Wyoming Property Tax, Hike Sales Tax 2%

Rep. Steve Harshman's blockbuster tax reform proposal that would eliminate most property tax in Wyoming in return for hiking the sales tax by 2% passed the House Revenue Committee on Tuesday. “Our people need this and want this,” he said.

cowboystatedaily.com

If a blockbuster tax reform proposal from Casper Republican state Rep. Steve Harshman goes the distance, most property taxes in Wyoming would be eliminated in lieu of hiking the state sales tax by 2%.

Harshman is the sponsor of House Bill 203, which would remove all property taxes for an estimated 97% of Wyoming homeowners. In turn, the Wyoming sales tax would increase from 4% to 6%.

He told Cowboy State Daily he considers the legislation as representing the most significant tax reduction in Wyoming history, and a change to a property tax structure that has changed little since the 1800s.

The bill passed the House Revenue Committee on Tuesday 8-1, after Harshman urged the committee not to delay the proposal until the upcoming interim session.

“Our people need this and want this,” he said.

How It Works​

The bill exempts $200,000 of the fair market value of the assessment of single-family residential properties for this current tax year. Every year after, $1 million of fair market value would be exempt.

The $1 million exclusion would remove all property taxes for homes valued at $1 million or less.

The additional 2% sales tax collected in return would be transferred to a property tax reduction and replacement account run by the state.

Money from this account would be distributed to county treasurers under the same distribution now used for property taxes, which would be used to reimburse each county and governmental entity from the $460 million in lost property taxes they could expect from the exemption starting in 2025.

“Our golden goose, we’re going to keep it whole,” Harshman said.

To pass his bill, Harshman was able to win over Wyoming Freedom Caucus Republicans.

Rep. Tony Locke, R-Casper, said he supports HB 203 because it allows taxpayers to more easily dictate their total taxes with their purchases.

Some Pushback​

Rep. Liz Storer, D-Jackson, was the only member of the committee to vote against HB 203 on Tuesday. Most of the single-family properties in her community of Teton County are valued at more than $1 million.

Storer said she’s concerned about the volatility of sales tax revenue.

In a future recessionary event similar to the beginning of the COVID-19 pandemic, Wyoming’s sales tax revenue would drastically plummet, removing a critical funding source for local governments and education orchestrated by the bill, she said. Replacing money in this scenario would likely have to come out of the state’s savings accounts or by cutting budgets.

Laramie resident and business owner Brett Glass spoke against the bill, saying it will cause younger workers who rent their homes to leave the state because they will not be able to continue to live in Wyoming because of the sales tax increase.

“It could severely hurt small businesses because not only will we not be able to find workers, but our sales are going to be hurt on everything we sell,” he said.

Ashley Harpstreith, executive director of the Wyoming Taxpayers Association, offered a similar take.

“Not only will this affect spending decisions for those investing in million-dollar purchases, but sales tax is regressive and will cause an undue burden on those contemplating buying diapers,” she said.

Harshman said the bill is projected to create a roughly $40 million surplus after its first, which is expected to increase in years thereafter.

Any remaining money after the local government payments are distributed by the Wyoming Department of Revenue, can be accessed as a sales tax refund for anyone who pays both severance taxes and sales or use taxes in Wyoming.

Before its passage, Harshman gave a final plea for the committee to consider the bill after three full meetings spent discussing it. He mentioned how out-of-state visitors pay 10%-15% of Wyoming’s sales tax revenues.

“Don’t get into this complicated thing, it’s an exemption that’s paid for with the sales tax,” Harshman said.

Many expenses in Wyoming are exempt from sales taxes like groceries and rent.

I'm in favor of consumption based taxes over property taxes.

No more assessment vs value games to manipulate county revenue from the middle class.

So tired of raising taxes on properties to pay for schools for section 8 parents.

Look to the overall situation

he federal government owns 48.19 percent of Wyoming's total land, 30,043,512 acres out of 62,343,040 total acres.

 

[leftwinger]

If they don’t like it they can move to ORE or CA and get paid ti live in a tent.

 

[Admiral Rockwell Tory]

Blockbuster Bill Would Eliminate Most Wyoming Property Tax, Hike Sales Tax 2%

Rep. Steve Harshman's blockbuster tax reform proposal that would eliminate most property tax in Wyoming in return for hiking the sales tax by 2% passed the House Revenue Committee on Tuesday. “Our people need this and want this,” he said.

cowboystatedaily.com

If a blockbuster tax reform proposal from Casper Republican state Rep. Steve Harshman goes the distance, most property taxes in Wyoming would be eliminated in lieu of hiking the state sales tax by 2%.

Harshman is the sponsor of House Bill 203, which would remove all property taxes for an estimated 97% of Wyoming homeowners. In turn, the Wyoming sales tax would increase from 4% to 6%.

He told Cowboy State Daily he considers the legislation as representing the most significant tax reduction in Wyoming history, and a change to a property tax structure that has changed little since the 1800s.

The bill passed the House Revenue Committee on Tuesday 8-1, after Harshman urged the committee not to delay the proposal until the upcoming interim session.

“Our people need this and want this,” he said.

How It Works​

The bill exempts $200,000 of the fair market value of the assessment of single-family residential properties for this current tax year. Every year after, $1 million of fair market value would be exempt.

The $1 million exclusion would remove all property taxes for homes valued at $1 million or less.

The additional 2% sales tax collected in return would be transferred to a property tax reduction and replacement account run by the state.

Money from this account would be distributed to county treasurers under the same distribution now used for property taxes, which would be used to reimburse each county and governmental entity from the $460 million in lost property taxes they could expect from the exemption starting in 2025.

“Our golden goose, we’re going to keep it whole,” Harshman said.

To pass his bill, Harshman was able to win over Wyoming Freedom Caucus Republicans.

Rep. Tony Locke, R-Casper, said he supports HB 203 because it allows taxpayers to more easily dictate their total taxes with their purchases.

Some Pushback​

Rep. Liz Storer, D-Jackson, was the only member of the committee to vote against HB 203 on Tuesday. Most of the single-family properties in her community of Teton County are valued at more than $1 million.

Storer said she’s concerned about the volatility of sales tax revenue.

In a future recessionary event similar to the beginning of the COVID-19 pandemic, Wyoming’s sales tax revenue would drastically plummet, removing a critical funding source for local governments and education orchestrated by the bill, she said. Replacing money in this scenario would likely have to come out of the state’s savings accounts or by cutting budgets.

Laramie resident and business owner Brett Glass spoke against the bill, saying it will cause younger workers who rent their homes to leave the state because they will not be able to continue to live in Wyoming because of the sales tax increase.

“It could severely hurt small businesses because not only will we not be able to find workers, but our sales are going to be hurt on everything we sell,” he said.

Ashley Harpstreith, executive director of the Wyoming Taxpayers Association, offered a similar take.

“Not only will this affect spending decisions for those investing in million-dollar purchases, but sales tax is regressive and will cause an undue burden on those contemplating buying diapers,” she said.

Harshman said the bill is projected to create a roughly $40 million surplus after its first, which is expected to increase in years thereafter.

Any remaining money after the local government payments are distributed by the Wyoming Department of Revenue, can be accessed as a sales tax refund for anyone who pays both severance taxes and sales or use taxes in Wyoming.

Before its passage, Harshman gave a final plea for the committee to consider the bill after three full meetings spent discussing it. He mentioned how out-of-state visitors pay 10%-15% of Wyoming’s sales tax revenues.

“Don’t get into this complicated thing, it’s an exemption that’s paid for with the sales tax,” Harshman said.

Many expenses in Wyoming are exempt from sales taxes like groceries and rent.

I'm in favor of consumption based taxes over property taxes.

No more assessment vs value games to manipulate county revenue from the middle class.

So tired of raising taxes on properties to pay for schools for section 8 parents.

Yeah, I'm sure Section 8 housing is a major problem in Wyoming, which has the smallest state population is the US, smaller than most major cities elsewhere. You are just a racist, that's all.