Michael Smith Director | NFIB Wyoming
Michael Smith Director | NFIB Wyoming
The Wyoming Legislature's 2023-2024 session concluded with several property tax relief measures. The National Federation of Independent Business (NFIB) played a significant role in advocating for these changes.
Legislation was passed to expand Wyoming's property tax refund program for residents aged 65 and older. Additionally, a permanent cap of 4% was established on all year-to-year property tax increases. A 50% exemption was also introduced for property owners or their spouses who are 65 or older and have contributed to the Wyoming property tax system for at least 25 years, subject to amendments.
Further, the session saw an expansion of the existing property tax program, which is structured into six income tiers and funded by the General Fund. An exemption was granted for the excess assessment of 5% of the taxable value from the previous year for residential structures.
These measures aim to ensure that the property tax system remains equitable and sustainable for Wyoming's older population.
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