2000 State of Wyoming 00LSO-0103
HOUSE BILL NO. HB0081
Real estate transfer tax.
Sponsored by: Joint Revenue Interim Committee
A BILL
for
1 AN ACT relating to taxation and revenue; imposing a real
2 estate transfer tax as specified; conforming related
3 provision; and providing for an effective date.
4
5 Be It Enacted by the Legislature of the State of Wyoming:
6
7 Section 1. W.S. 39-20-101 through 39-20-111 are
8 created to read:
9
10 CHAPTER 20
11 REAL ESTATE TRANSFER TAX
12
13 39-20-101. Definitions.
14
15 There are no specific applicable provisions for definitions
16 for this chapter.
17
18 39-20-102. Administration.
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1
2 The department of revenue shall enforce the provisions of
3 this chapter. The department shall promulgate rules and
4 regulations necessary for the implementation and enforcement
5 of this chapter.
6
7 39-20-103. Imposition.
8
9 There is imposed a transfer tax upon the sale of real
10 property. On any sale of real property, a transfer tax
11 shall be imposed upon the total amount of the real property
12 sale.
13
14 39-20-104. Taxation rate.
15
16 (a) The tax rate shall be as follows:
17
18 (i) One hundred thousand dollars ($100,000.00) or
19 less - one-quarter percent (1/4%);
20
21 (ii) More than one hundred thousand dollars
22 ($100,000.00) but less than or equal to three hundred
23 thousand dollars ($300,000.00) - one-half percent (1/2%) of
24 the amount of the sale which exceeds one hundred thousand
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1 dollars ($100,000.00) in addition to the tax imposed by
2 paragraph (i) of this subsection;
3
4 (iii) More than three hundred thousand dollars
5 ($300,000.00) but less than or equal to five hundred
6 thousand dollars ($500,000.00) - one percent (1%) of the
7 amount of the sale which exceeds three hundred thousand
8 dollars ($300,000.00) in addition to the taxes imposed by
9 paragraphs (i) and (ii) of this subsection;
10
11 (iv) More than five hundred thousand dollars
12 ($500,000.00) - one and one-half percent (1 1/2%) of the
13 amount of the sale which exceeds five hundred thousand
14 dollars ($500,000.00) in addition to the taxes imposed by
15 paragraphs (i) through (iii) of this subsection.
16
17 39-20-105. Exemptions.
18
19 (a) The tax shall not be imposed upon any of the
20 following:
21
22 (i) Any transfer exempted by W.S. 34-1-142(c)(i)
23 through (vi) and (viii);
24
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1 (ii) Any transfer of real property exempted from
2 taxation by W.S. 39-11-105(a)(i) through (viii), and any
3 property protected from taxation by the constitution;
4
5 (iii) Any transfer of property pursuant to a
6 judicial decree or judgment, except for the judicial
7 enforcement of contracts or agreements of sale not otherwise
8 exempt hereunder;
9
10 (iv) Any transfer of property pursuant to a
11 contract executed prior to the effective date of this act.
12
13 39-20-106. Licensing; permits.
14
15 There are no specific applicable provisions for licenses and
16 permits for this chapter.
17
18 39-20-107. Compliance; collection procedures.
19
20 (a) Returns and reports. Taxes imposed by this
21 chapter are due and payable at the office of the county
22 treasurer of the county in which the real property is
23 located on the date of recordation of the deed or other
24 instrument making the sale a matter of public record. The
25 tax shall only be collected on the price paid for real
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1 property. The county clerk shall not record a document
2 transferring legal or equitable title to real property until
3 all taxes due under this section have been paid to the
4 county treasurer.
5
6 (b) Payment. The tax shall be paid by the purchaser
7 and collected from the party recording the deed or other
8 instrument making the sale a matter of public record by the
9 county treasurer based upon the amount in the statement
10 presented to the county clerk for recording under W.S.
11 34-1-142.
12
13 (c) Timelines. There are no specific applicable
14 provisions for timelines for this chapter.
15
16 39-20-108. Enforcement.
17
18 (a) Audits. There are no specific applicable
19 provisions for audits for this chapter.
20
21 (b) Interest. There are no specific applicable
22 provisions for interest for this chapter.
23
24 (c) Penalties. There are no specific applicable
25 provisions for penalties for this chapter.
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1
2 (d) Liens. Taxes owed under this section constitute a
3 lien against the property transferred until paid.
4
5 (e) Tax sales. There are no specific applicable
6 provisions for tax sales for this chapter.
7
8 39-20-109. Taxpayer remedies.
9
10 There are no specific applicable provisions for taxpayer
11 remedies for this chapter.
12
13 39-20-110. Statute of limitations.
14
15 There are no specific applicable provisions for a statute of
16 limitations for this chapter.
17
18 39-20-111. Distribution.
19
20 (a) Taxes collected by the county treasurer shall be
21 distributed as follows:
22
23 (i) Twenty-five percent (25%) shall be
24 transferred to the county treasurer for deposit into the
25 county general fund;
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1
2 (ii) Seventy-five percent (75%) shall be
3 transferred to the state treasurer for deposit into the
4 general fund.
5
6 Section 2. W.S. 34-1-142(d) is amended to read:
7
8 34-1-142. Instrument transferring title to real
9 property; procedure; exceptions; confidentiality.
10
11 (d) The sworn statements shall be used by the county
12 treasurer to collect the real property transfer tax
13 authorized by W.S. 39-20-101 through 39-20-111 and the
14 county assessors and the state board of equalization and the
15 department of revenue along with other statements filed only
16 as data in a collection of statistics which shall be used
17 collectively in determining sales-price ratios by county.
18 An individual statement shall not, by itself, be used by the
19 county assessor to adjust the assessed value of any
20 individual property.
21
22 Section 3. This act is effective July 1, 2000.
23
24 (END)
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