Current Property Tax Programs
I was in Cheyenne earlier this week putting the final touches on my homestead exemption bill that I will introduce in the Legislative Session in February. Someone asked me the other day at the post office what programs are currently in place for property tax relief, so I thought I would post them for everyone.
Veteran's Exemption
A Homestead Exemption of $3000 on the assessed value of the home. (Example: $100,000 fair market value on home. We assess at 9.5% for residential property, so the assessed value is $9500. You then subtract the $3000 homestead exemption from $9500, which gives you a new assessed value of $6500. The mill levy (the tax) is then taxed against the $6500 rather than $9500) This is the same as my homestead exemption bill except that it is for veterans only. Last year 8673 veterans used the program for a grand total of $937,102.00.
Property Tax Relief Program
You must have a household income less than the median household income for the county (it used to be the median of the state, but I changed it two years ago to be the county in which you live, because no one in Teton County could ever qualify for this program) and you have to meet certain asset limits. If you qualify they take away 1/2 of your property tax bill. The asset requirements are still limiting how many people can make use of this program. Last year 566 people use the program for a total of $133,816.40.
Homeowner's Tax Credit
Still on the books, but never funded.
Tax Rebate to Elderly and Disabled
If you are 65 or totally disabled and you meet the income and asset requirements ($13,500 income for singles, $22,000 for married couples, assets less than $6000) then you get a rebate up to $900 depending on your income. Last year 3699 used the program (Elderly 1712, Disabled 1987) for a total of $2,516,357.00.
Property Tax Deferral Program
If you meet certain income requirements and you are over 65, then you may take 1/2 of your property tax and lien it against your property to be paid upon the sale of the home or upon death. Teton County is the only county that has this program and last year only 4 people used the program for a total of $3,507.83