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Fri October 19, 2007
Freudenthal Wants Property Tax Relief
Laramie, Wy – Governor Dave Freudenthal wants state
legislators to send a proposed constitutional amendment to the
voters next fall that would allow a property tax break for longtime
state residents over the age of 65.
Freudenthal wrote to legislators today (Thursday) saying that
his tax relief proposal is narrowly drafted to try to help older
residents hoping to remain in the family home.
The governor's proposal calls for giving Wyoming residents who
are at least 65 years old and who have lived in their residence for
at least 10 years a 50-percent break on their property taxes.
The break would be limited to the first $200,000 of fair market
value of the property. The governor's office says would result in
an average savings of about $630 per year.
Freudenthal proposes that the state government would reimburse
local governments for lost revenue. The governor's office states
that the program is estimated to cost the state between $15 million
and $18 million a year.
Freudenthal says that if the legislators and the voters approve
the idea, the tax break could take effect possibly as soon as 2009.