Economic development-property tax exemption.
This bill creates a property tax exemption for property owned by community development organizations.
Based on information provided by the Wyoming Business Council and county officials, the Department of Revenue estimates that this bill would result in a decrease in property tax revenue of roughly $132,000 per year in the first years of the exemption, based on an average of mill levies applied for the 2008 tax year.
It is assumed that properties qualifying for this exemption would subsequently be added back to the local assessment rolls as these properties are developed and put into service. The rate at which such properties would be put into service is unknown.
This bill is effective January 1, 2010, which would impact property taxes collected beginning in FY 2011.
Prepared by: Dean Temte, LSO Phone: 777-7881
(Information provided by Diane Moser, WBC; 777-2848:
Marvin Applequist, Dept. of Revenue; 777-5235)