Property taxation-limitation on amount collected.

08LSO-0089.L1

                                                         

UPDATED FOR JANUARY 2008 CREG

FISCAL NOTE

 

 

FY 2009

FY 2010

FY 2011

NON-ADMINISTRATIVE IMPACT

 

 

 

Anticipated Revenue Decrease:

 

 

 

AD VALOREM TAX

0

5,700,000

 109,000,000

 

Source of revenue decrease:  Limitation on mill levies to the mills sufficient to generate the amount of property taxes assessed in the previous calendar year, as increased by one-half of the previous three-year average annual rate of inflation calculated for the region

 

Assumptions:

 

The above estimates are based on the actual assessed valuation and property taxes levied in the 2007 tax year, the projected assessed valuations in table 9 of the January 2008 CREG Report, and the three-year average annual inflation rates by region from the Wyoming Cost of Living Report for the 2nd Quarter 2007 (prepared by the Department of Administration and Information).

 

Assumed the allocation of projected state assessed valuations (table 9, Jan. 2008 CREG Report) among the 23 counties will remain constant with actual 2007 tax year data. The above estimates are based on county average mill levies from the 2007 tax year. Assumed three-year regional average annual inflation rates will remain constant.

 

For school districts that are entitlement districts (the K-12 guarantee exceeds local K-12 revenues), reduction of the 25 mill school district levies would result in increased expenditures from the School Foundation Program account (SFP). For those school districts that are recapture districts (local K-12 revenues exceed the K-12 guarantee), reduction of the 25 mill school district levies would result in decreased revenues to the SFP. This potential increase in expenditures from the SFP and decrease in revenues to the SFP would be dependent upon the mills levied at the local level upon passage of this bill, which cannot be determined.

 

This bill will apply to property taxes levied on or after January 1, 2009, beginning with property taxes billed and collected in FY 2010.

 

 

Prepared by:   Dean Temte, LSO    Phone: 777-7881