Within the next few days, Sweetwater County residents will begin receiving their 2024 Notice of Value Property Assessments in the mail. Residents will also see some changes on their Notice of Value because of recently passed legislation, and some residents may qualify for exemptions.
If applicable, the exemption amounts will be listed on the bottom left corner of the notice, and the resulting tax amount exempted in the bottom right corner, according to a press release from the Sweetwater County Assessor's Office. Some residents may qualify for multiple exemptions.
Some legislative changes apply to Tax Year 2024, the Assessor's Office explained.
House Bill 4 expanded the Property Tax Refund Program by adding a second tier to the program that will allow more taxpayers to qualify for the program. The application is available from the Department of Revenue's website, revenue.wyo.gov, or from the Assessor's Office or Treasurer's Office.
This year the Legislature appropriated an additional $20 million to further expand the Property Tax Refund Program.
"The property tax refund program assists eligible Wyoming homeowners who are struggling to pay their property taxes, which can often be a significant financial burden, particularly for those with fixed or limited incomes," a press release from the office of Governor Mark Gordon explained. "In 2023, the program helped more than 9,000 Wyoming families, with more than $8 million in refunds distributed, with the average refund being approximately $938."
House Bill 4 expands eligibility to those whose household income is equal to or less than 145 percent of the median household income for their county of residence, or the statewide median, whichever is greater. Eligible homeowners must be a Wyoming resident for at least five years, occupy the residence at least nine months of the year and have total assets less than $156,900 per adult household member. The Department of Revenue anticipates an additional 2,000 taxpayers will qualify with the increased income level, according to the Governor's office.
Another bill that will affect Tax Year 2024 is House Bill 45, which provides a residential exemption of any increase over 4% of the market value of all residential, single-family structures.
Other legislation will affect Tax Year 2025, according to the Assessor's press release.
The Property Tax Refund Program is still funded for Tax Year 2025, and the Residential Exemption from House Bill 45 will apply to the structure and the associated land.
Looking to Tax Year 2025, House Bill 3 provides for a Long-term Homeowners Exemption for individuals who are 65 years old and have paid property taxes in the State of Wyoming for 25 years. The property needs to be the primary residence and the applicant must reside in the property for eight months of the year. The application process will start later in the year after all the details of the program have been worked out and the actual application created, according to the Assessor's Office.
Senate File 89 will also increase the Veteran's Exemption from $3,000 to $6,000 with the current application process.
"If you have been receiving the Veteran's Exemption and there is not an amount listed in the Exemption portion of the Notice of Value, please contact our office by May 24 to receive the exemption for the 2024 tax year," the Assessor's Office said.
Overall, local property owners have seen less changes than others throughout the state.
"Sweetwater County had the lowest change in residential property values from tax year 2022-2023 in the state," County Assessor Dave Divis explained in the press release. "Our local increase was 8.52% compared to an average of 17.91% statewide."
Assessor Divis is asking residents to review the information on the Notice of Value. Homes are valued by calculating the replacement cost new, subtracting depreciation, trending for sales, and adding in the land value.
Any residents who disagree with the value of their property will have 30 days from the "date mailed," which is April 12, to discuss the value with the Assessor and provide information to assist the Assessor's Office in valuing the property.
"After looking over your Notice of Value, if you have any questions or concerns about the valuation of your property, please call the Assessor's Office," Divis said in the press release. "We enjoy taking the time to explain the valuation process to residents of our county."
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