WYOMING TAXPAYERS ASSOCIATION APPLAUDS GOVERNOR GORDON’S ACTION ON PROPERTY TAX BILLS
Cheyenne, Wyoming – Wyoming Taxpayers Association (WTA) applauds the leadership of Governor Mark Gordon in his action to veto SF 0054 Homeowner tax exemption. If enacted it would have imposed significant pressure on an already unbalanced system and would have further exacerbated Wyoming’s economic future. Without a measured reduction in spending or additional revenue sources to meet the cost of services, this exemption would have resulted in a near future shift of the burden from one taxpayer to another (commercial, industrial and mineral) at an unsustainable cost. Simply put, this bill was not justified as it shifts one tax burden to another and in no way provides relief to the true taxpayer, the minerals industry.
WTA believes sound tax policy is framed by a tax structure that is justified, equitable, stable and transparent. Property tax has proven to be a tax that meets the standards of our Cornerstones of Taxation. Property tax also provides a way for Wyoming citizens to pay for the local services they have become accustomed to including K-12 education, local government, special districts, local roads and fire and safety. According to WTA’s most recent report, The Cowboy Family, Wyoming citizens are fortunate to live in a place where the average family of four pays $4,429.08 in taxes and receives $61,263.44 in state and local services (learn more at https://wyotax.org/cowboy-family-dashboard-2/). Wyoming citizens only pay a fraction of the cost of services received thanks to Wyoming’s mineral industries which contribute a substantial amount towards the remaining portion of the cost of government services. Additionally, Wyoming citizens enjoy the second lowest effective tax burden in the nation at 7.65% according to the Tax Foundation in 2022.
WTA believes elected officials are right in considering targeted tax relief and should engage in meaningful tax reform with measured and thoughtful action in the 2024 interim. While the 67th Wyoming State Legislature did provide relief to residential property taxpayers through tax rebates that manipulate the tax structure, WTA firmly believes there was no true tax reform enacted. As WTA testified numerous times during the 2023 interim and 2024 Budget Session, relief and assistance programs are the most agile and appropriate solutions for addressing the stresses of situational economics. Whereas structural tax policy changes are permanent and inflexible and thus should be focused on true tax reform. WTA will continue to advocate for sound tax policy and support the work of the Tax Reform 2000 Committee that promote recommendations for a low and broad-based tax structure. Although Wyoming’s economy has diversified, many of the Tax Reform 2000 findings remain true today including the main statement of the committee, “Wyoming’s tax structure lacks balance due to an over-reliance on mineral taxes to fund government’s daily operating expenditures.”
Wyoming Taxpayers Association (WTA) is the only statewide organization focused exclusively on promoting fair, equitable, and competitive tax environment for the citizens of Wyoming. Our mission is to advocate sound tax policy for a health Wyoming economy. Since 1937, WTA has been at the forefront of nonpartisan tax policy research, education and advocacy for the state. For more information contact the Wyoming Taxpayers Association at 307-635-8761 or visit their website at www.wyotax.org.
