Local Option Property Tax Deferral Program

State

Wyoming

Year

2021

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Deferral

Benefit

The benefit is a deferral of up to one-half of any real estate ad valorem taxes owed by the property owner on his principal residence. Any deferral of collection of taxes granted by the board of county commissioners shall constitute a perpetual tax lien against the property with priority over any other lien. Interest shall accrue on any tax collection deferral granted by the board of county commissioners at a compounded rate of 4% per annum. For persons who qualify due to disability interest shall accrue at a rate equal to the average yield on 10-year United States treasury bonds for the previous 3 calendar years, plus 1.5% as determined by the state treasurer for the calendar year preceding the year in which application is made. Any tax collection deferral may be prepaid at any time without prepayment penalty.

How is Benefit Disbursed

Other

Eligible Property Type

Residential

Characteristics of Eligible Property

Eligible property includes principal residence including parcels of land not more than 40 acres. Currently only Teton County has adopted the program.

Eligibility Criteria

Age

Disability

Homeowner

Income Ceiling

Principal Residence

Other Criteria

Description of Eligibility Criteria

An owner is qualified for their primary residence on less than 40 acres if the owner is over the age of 62 years or is a person with a disability as determined by the Social Security Administration. Alternatively, the owner has purchased the property at least 10 years prior to the beginning of the tax year for which they are applying for deferral of taxes. An additional qualifying option is if the owner can demonstrate that their gross monthly income is at or below 250% of the adjusted federal poverty level for a household of four, regardless of the actual household size.

Local Option in Adoption of Program

Local government must take action to opt in

Local Option Regarding Program Features

Local option regarding program features

State Funding for Local Tax Loss

Local government covers all of its tax loss

Record ID

WY104_RR21

Footnotes

Teton County is the only county that has adopted this program. An alternative qualification is if the owner demonstrates that gross monthly household income is at or below 250% of the federal poverty level for a household of 4 as adjusted annually by the comparative cost-of-living index for the respective county as determined by the division of economic analysis, department of administration and information.

Sources

Wyo. Stat. § 39-13-107 (b)(iii) (in effect for 2021)
Teton County Assessor Property Tax Deferral Program application
[https://www.tetoncountywy.gov/223/Property-Tax-Deferral-Program Accessed 11/05/2021]
View Archived Source


Teton County Assessor Tax Relief Program
[http://www.tetoncountywy.gov/DocumentCenter/View/4741/Property-Tax-Deferral-Program-PDF Accessed 09/21/2020]
View Archived Source

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