JACKSON, Wyo. — Teton County is educating homeowners about local and state-wide property tax relief refund programs, which provide assistance to Wyoming homeowners impacted by increasing property values.
In March, Governor Gordon signed three new tax relief bills: HB0003 – “Property tax exemption for long-term homeowners,” HB0045 – “Property tax exemption-residential structures and land” and SF0089 – “Veterans ad valorem exemption-amount.”
House Bill 45 places a 4% cap on assessed valuation increases on single-family residences. This new law on will be implemented in 2025. The 4% cap does not apply to new owners, new construction or remodels.
The State Property Tax Refund Program provides a refund of up to 75% of the tax bill, up to a maximum of $5,562.40, if yearly income is 125% or less of the median income in Teton County, which is $154,275. If yearly income is between 126% and 145% of the median income in Teton County, which is between $154,276 and $178,959, homeowners are eligible for a refund of up to 65% of the maximum refund. Taxes must be paid in full in a timely manner. The deadline to apply is June 3.
The Teton County Property Tax Refund Program has the same eligibility amounts and refund criteria as the State. The Teton County Board of County Commissioners budgeted $1 million for a local County refund program to supplement the State Property Tax Refund Program. Information on both state and county property tax refund programs can be seen here. Deadline for the County program is October 14.
The Property Tax Deferral Program (not a refund or credit) allows Wyoming homeowners to defer their property taxes. Qualifying residences can defer up to half of their property taxes. To qualify, the property must be on less than 40 acres and be the principal residence. The home must have been purchased at least 10 years prior to asking for a deferment. Applicants must also be over 62 years old and with a limited income. The deadline to apply for deferral is November 10.
The Veteran’s Property Tax Exemption Program offers a $3,000 exemption in assessed valuation. To qualify, applicants must be a Wyoming resident who has lived in the state for three years. This program allows $31,579 of market value on a 3K exemption. The deadline to apply is Monday, May 27.
Beginning in 2025, the existing veterans tax exemption will increase from $3,000 to $6,000 of assessed value, and allocate $8.2 million to the state treasurer to provide reimbursements to county treasurers.
Also in 2025, with the approval of House Bill 3, primary residence homeowners (or their spouses) can apply for a 50% exemption of their property’s assessed value. Applicants must be age 65 or over, have paid Wyoming property taxes for 25 years or more and occupy the residence for at least eight months out of the year to be eligible. It will go into effect Jan. 1, 2025, and last until July of 2027.
