Wyoming Chamber Urges Caution as Lawmakers Consider Property Tax Changes

Wyoming lawmakers have advanced a proposed constitutional amendment that, if enacted and approved by voters, would remove the State Constitution’s structures for property taxes.

The goal is to simplify and create more flexibility for future property tax reform, particularly regarding residential property taxes. However, some legislators and committee leaders say the initial draft goes too far by potentially affecting industrial and mineral property taxes as well.

Lawmakers plan to revise and narrow the proposal before the next committee meeting in August. The discussion reflects ongoing efforts to address complex property tax structures, which have grown layered with various caps, exemptions, and refund programs recently passed by the Legislature. Lawmakers are also considering shifting some tax burdens from property to consumption-based taxes. The debate includes concerns about local government revenue and the impact of changes on different types of property owners.

WY It Matters:

Property taxes are a significant source of revenue for Wyoming, raising over $2 billion annually, and reforms could affect funding for local governments and public services. The current patchwork of exemptions and caps has created confusion for taxpayers and policymakers alike. Changes to the constitutional framework could give lawmakers greater ability to reform property taxes, but also raise important questions about fairness, local control, and the overall tax structure.

With no state income tax, property and consumption taxes are key tools for Wyoming’s budget, so any changes must balance simplification and revenue stability while addressing taxpayer concerns. Your Wyoming Chamber is also closely monitoring the situation and is particularly concerned about any property tax changes that would target industry or business, ensuring fairness is maintained and that businesses are not left responsible for covering lost tax revenue. The August committee meeting will be critical in shaping how Wyoming’s property tax system evolves, and we will keep you updated on our ongoing efforts.