Wyoming voters will decide on Proposition 1 in the November 3 election. The ballot measure would create a property tax exemption for qualifying homeowners, but it would not necessarily cut a homeowner’s total tax bill in half.
Here’s what Teton County homeowners should know before voting.
What would Proposition 1 do?
If approved, Proposition 1 would exempt 50% of the assessed value of a qualifying primary residence’s dwelling from property taxation. The exemption applies to the home itself; the land would remain subject to property tax.
To qualify, a homeowner would need to have been a Wyoming resident for at least one year and have occupied the primary residence for at least six months during the previous tax year. An initial application would be required, followed by annual confirmation of eligibility. If approved, the earliest applicable tax year would be 2027.
Would my tax bill be cut in half?
Not necessarily. Here’s a simplified example using hypothetical assessed values, not an actual Teton County property:
- Assessed value of the dwelling: $40,000
- Assessed value of the land: $60,000
- Proposition 1 exemption: $20,000—half the dwelling’s assessed value
- Remaining assessed value before other applicable adjustments: $80,000
In this example, the exemption removes 20% of the combined assessed value, not 50%. The effect on an actual tax bill would depend on the property’s assessment, local tax rates, and other exemptions. Homeowners should also consider how the proposal compares with any exemption they already receive; the available exemptions cannot simply all be stacked.
What about local services?
Property taxes help fund public schools, local governments, and special districts that provide services such as fire protection and water and sewer service. State analysts have estimated that the proposal could reduce statewide property tax collections by $109 million to $125 million in its first year, according to the Jackson Hole News&Guide.
For an estimate specific to your property, review your assessment and contact the Teton County Assessor’s Office.
Source: Jackson Hole News&Guide.
