How to Take Part in Property Tax Relief in 2024 and Beyond

Scott Rothstein

How to apply - No need. The County Assessors have the tools and information necessary to apply the exemption when appropriate. There is no age requirement or requirement for previous years of residency in Wyoming to take advantage of this program.

How will I know? - The County Assessors will note last year’s assessment and this year’s assessment, taking into account the 4% cap in the 2024 assessment schedule you receive in the mail.

What is Exempted - The exemption applies to your home only in 2024.A separate exemption will be calculated on associated residential land beginning in 2025 . The exemption does not apply if the owner acquired the property during the prior calendar year, or the residential structure is new construction or has added an addition to an existing structure.

Impact on the Schools and taxing entities —The bills will cost the school foundation and local taxing entities like county governments, weed-and-pest districts, and community college districts. This measure will cost the state’s school foundation an estimated $9 million in 2025 and more than $12 million in 2026 and 2027. Local schools will be out $23 million in 2025.

How to Apply - The program is run through the Wyoming Department of Revenue. Go to the Department’s website at: wptrs.wyo.gov to find the application form and rules. Taxpayers may also apply online. Applications must be submitted by the first Monday in June which falls on June 3 this year

Eligibility - Now, you can make up to 145% of your county’s median income and still apply for a refund on your previous year’s property tax. You cannot have more than $156,900 in assets per adult household member. This includes investments, bank accounts, and other real estate but excludes a car for each adult household member, your home, and any retirement accounts. You must have paid 2023 property tax in full, have been a resident of Wyoming for five years and live in your Wyoming residence for at least nine months out of the year. If your tax bill exceeds more than 10% of your total reported income, your asset limit does not apply.

What is 145% of median income - For most folks, 145% of county median income means a household income of $107,184. However, Laramie ($110,258), Uinta ($111,998), Sweetwater ($116,745), Sublette ($130,558), Lincoln ($134,111), Converse ($115,478), Campbell ($136,199), and Teton Counties ($178,959) do have higher average income levels.

Impact to State and Schools - There is $20 million set aside by the state to run this program over the next two years.

What’s New - The Veterans Property Exemption was doubled in the 2024 session from $3,000 per veteran to $6,000. This goes into effect Jan. 1, 2025.

How to apply - To apply for the exemption, file a claim with your County Assessor by the fourth Monday in May. Keep in-mind this program is currently in effect for qualifying veterans providing an exemption of $3,000 assessed dollars or approximately $240 actual tax dollars depending on the mill levy.

Who is eligible - Eligible veterans are honorably discharged veterans of World War I, World War II, Korea, Vietnam, or honorably discharged veterans who was awarded the armed services’ expeditionary medal, or other authorized service of campaign medal indicating services for the US in any armed conflict in the foreign country, or surviving spouses of qualifying veterans, certain disabled veterans may also be eligible for exemption.

Impact to the Schools and other entities - This veterans exemption is funded through the state general fund. An additional 8.2M was appropriated to fund the additional amount of exemption

Who is eligible - Homeowners in Wyoming who are age 65 and over and have paid residential property tax in Wyoming for 25 years or more, will receive an exemption of half of the assessed value of a residential structure and up to 35 acres of associated land, starting July 1, 2025.

How to apply - Keep in-mind the program won’t start until 2025, but those who are interested and eligible will then submit a claim to their local assessor no later than the fourth Monday in May of 2025. If you don’t want to use this program, simply don’t apply.

Impacts to the schools and other taxing entities -  Estimates suggest this will cost the state school foundation $1.8 million in 2026 and $1.9 million in 2027.