A bill that would cut residential property taxes by 50 percent on a million dollar valuation has passed the Wyoming House and now goes on to the state Senate.

You can read House Bill 169 here.

The bill would offer the exemption for the 2025 and 2026 tax years and would expire in 2027. A fiscal note attached to the bill estimates the measure would cost $395 million in revenues. The bill appropriates state money to backfill roughly half of that amount. Property taxes are the largest source of revenues for local government and school districts in Wyoming.

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Opponents of the measure say it would be a hardship for local governments, possibly resulting in cuts in services and personel. But supporters say it would give beleaguerd homeowners who have faced big increases in their property taxes some much-needed relief.

Changes To The Bill Are Defeated

In debate on the bill on Thursday, Rep. Steve Harshman [R-Natrona County] proposed an amendment that would have offset the cut in property taxes with a corresponding .75 increase in sales taxes. ''That's what conservative people do, they pay their bills" Harshman argued.

He said he likes the bill overall and that most people would not even notice a .75 increase in sales taxes to help pay for it.

But Rep. Jayme Lien [R-Natrona County] said people want property tax relief "and they did not ask us to come here and trade one tax for another." Several other Representatives opposed to the bill expressed similar sentiments, and the amendment was defeated.

Another proposed change to cap the amount exempted in the bill to $600,000 rather than $1 million likewise went down to defeat.

The amendment was defeated.

The bill ended up being approved by a 40-20 margin on third and final reading. It now moves on to the Wyoming Senate.

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Gallery Credit: Sam Haut, Townsquaremedia

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