Home News Wyo property tax refund application deadline approaching | Wyoming News

Wyo property tax refund application deadline approaching | Wyoming News

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Wyoming people are required to apply for a partial refund of property tax in 2021 by June 6.

To qualify for the first funded state refund program since 2019, you must own a home and live in Wyoming for at least five years.

The program aims to give low-income taxpayers a break as asset values ​​rise across the state.This year, the Wyoming State Assembly Revenues Commission Secure $ 3 million From the Wyoming General Fund for Refunds.

“People who own bonds, own real estate, and have lived there for a long time deserve some kind of tax exemption,” said Senator Kale Case, chairman of R-Lander and the Commission. “They don’t have many options.”

Household income should also be less than 75% of the county’s median. The threshold is $ 73,658 in Teton County, $ 50,138 in Natrona County, and $ 39,308 in Goshen County, the state’s least profitable county.

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Other personal assets (for example, bank money plus investments and other real estate) cannot exceed $ 133,651 in total to qualify. Assets, including your home (not the second one), car, and severance plan, are not included in the total.

And, of course, to apply for a 2021 tax refund, you need to prove that you have paid your tax.

Complete breakdown of Qualification When Application form Available through Income department..

Up to half of the 2021 tax invoice can be eligible for a refund, but Case states that everyone is unlikely to see that high return. Given that the program has a state-wide limit of $ 3 million, the amount you receive depends on the number of people who apply and qualify.

Most people applying for refunds use certain types of bonds, county assessors say.

Wyoming AARP spokesman Tom Lacock said older Wyoming citizens are in a position to benefit from the program. Lacock said the organization held a virtual city hall in a recently passed county property tax refund program with “thousands of members.” Later, Lacock said the group submitted more responses from members “more than any teletown hall I remember.”

“When you’re in your 60s, 70s, and 80s, you never get back to work … it’s like you have something you have to spend. Therefore, a 15% to 20% increase in property tax. Is a huge problem, “says Lacock.

Rising property value

Wyoming is home to the country’s highest-paying counties. In Teton County, assessor Melissa Sinkle said that typically about 100 people are eligible for a state refund program.

Most of them are “long-time locals,” who have lived and worked in the area for decades and “have a hard time paying these tax increases,” she said.

Mr. Sinkle said the value of Teton County’s wealth has been steadily increasing every five years she made her assessment, and has risen even further since the pandemic began.

The county is also the only state in the state to participate in a property tax deferral program. This program allows qualified people to delay payments on land less than 40 acres by up to half. This program is limited to those who have owned land for more than 10 years, have limited income, are 62 years of age or older, or have been granted a disability by the Social Security Administration.

Outside of Wyoming, Teton County is an extreme example. However, the value of real estate has skyrocketed in recent years, not just in the state.

Sinkle could put more pressure on Wyoming’s parliament to reduce mandatory factories on schools and other public services if more people across Wyoming feel the heat of raising property taxes. Said there is.

“In order to change things, we have to start accepting that income must come from somewhere,” she said.

In Park County Powell Tribune reported Ratings rose from 25% to 45%, jumping from the average of the past few years to 3% to 9%. In Lander, according to the case, the home buying market became very hot during the pandemic, and people were buying homes in cash for a price.

Since 2018, real estate owners in Natrona County have been dissatisfied with raising their land valuations. Some people see it increasing from 100% to nearly 400%.

Some residents have blamed the increase in Natrona County for the appointment of Councilor Matt Keating. But Keating says he’s only fixed too low a rating from his predecessor for years. Since 2019, the office has been ordered by the State Equalization Commission to bring the value of the county into compliance with state law.

“The number of people coming to my office with bonds is amazing, so I’m really grateful to have something to help these people in financial distress this year.” He said.

Keating said he would print refund program information (over 47,000 in total) on the back of all rating notices his office sent this year to let people know that it’s an option.

“It’s frustrating for taxpayers and frustrating for assessors when there aren’t too many ways to help,” says Sinkle.

County-Optional Program

This spring, the Wyoming State Parliament also passed another property tax refund opportunity that could provide further relief in the coming years.

The county option program requires the county government to opt in to the program and secure a certain amount to fund it. The money will be buried for county-sponsored refunds and will serve the same purpose at the local level as the $ 3 million allocated to this year’s state program.

“Local governments rely on those taxes,” Case said. “So they have to be paid for some reason. It’s not just that they can’t collect money.”

No county has chosen this program this year, partly because of the tight turnaround between the program’s approval and the budgeting of local governments. Some counties have not yet started this year.

Mr. Sinkle said that as much as $ 3 million was invested as a donation from the county when Commissioner Teton was discussing the program.

In Titon County, where 87% of the county’s tax revenue comes from residential real estate, it means that the county can close the gap with other property tax revenues.

But in most other places in Wyoming, such as Natrona County, that backfill is likely to come from valuable fossil fuel tax revenues.

“Teton County has more options than other counties have to find makeup funding,” Case said. “They are richer in many ways, and almost every profit-making strategy they have is more successful there.”

Paul Bertrio, chairman of the Natrona County Commission, said the board decided to put this year’s county option program on the table because the commission wasn’t sure if the county was ready to manage it. Told. He said staffing could be an issue, and the county would somehow have to come up with money to pay those refunds.

“I presented it all to the Commissioner, and they agreed that all those questions would not be in a position to do it until we further understood the cost and who would do it.” Bertrio said.

In the future, if you live in a county participating in an optional program, you may be able to apply for the program as well as the state, said Natrona County assessor Keating.

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