Tax exemptions and distribution of tax revenues. |
08LSO-0217.L3 |
UPDATED FOR JANUARY 2008 CREG
FISCAL NOTE
Sources of revenue increase (decrease): Reallocation of 4% state sales and use tax from the current distribution percentages of 69% General Fund and 31% local governments to 65% General Fund and 35% local governments
Property tax exemption on first $5,000 of assessed value of improved residential property, but only to the extent exemption does not reduce the total taxable value of the property to be less than 8.25% of market value
Assumptions:
The reallocation of the 4% state sales & use tax begins July 1, 2008 (FY 2009). The above estimates of sales & use tax revenues are based on January 2008 CREG projections.
The property tax exemption begins in the 2009 tax year, which will impact property taxes paid beginning in FY 2010.
The median house value in Wyoming is $146,522, so half of all residences would receive less than $125.88 in tax exemption.
No projection is made for inflation of the median home value or potential revenue decrease from the credit.
Prepared by: Dean Temte, LSO Phone: 777-7881
(Information provided by Dan Noble and Marvin Applequist,
Dept. of Revenue; 777-5220 / 777-5235)