Local Option Property Tax Deferral Program

State

Wyoming

Year

2007

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 property taxes on a qualifying 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 solely due to disability interest shall accrue at a rate equal to the average return on all permanent mineral trust fund investments 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 parcel of land not more than 40 acres.

Eligibility Criteria

Age

Disability

Homeowner

Income Ceiling

Principal Residence

Other Criteria

Description of Eligibility Criteria

An owner is qualified if: (1) the owner's affidavit demonstrates that gross monthly household income is at or below 150% 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; (2) the owner is a person over the age of 62 years or is a handicapped person as determined by the social security administration; or (3) the owner purchased the property before 31 December 1987.

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_RR07

Footnotes

Currently this program is only available in Teton County. If any residence is under mortgage, deed of trust or purchase contract whereby the explicit terms of the mortgage, deed or contract requires the accumulation of reserves out of which the holder of the mortgage, deed or contract is required to pay real property taxes, the holder or his authorized agent shall cosign the affidavit to defer either before a notarial officer or the county assessor or deputy in the county in which the real property is located. If any residence is under rental and the terms of the rental contract require the payment of taxes by the renter, the renter may apply for the deferral provided the property owner or authorized agent also cosigns the affidavit to defer either before a notarial officer or the county assessor or deputy in the county in which the real property is located.

Sources

Wyo. Stat. § 39-13-107 (b) (iii) (in effect for 2007)
Current Property Tax Relief/ Credit/ Deferral Programs (2007), Wyoming Department of Revenue [http://revenue.state.wy.us/PortalVBVS/uploads/current%20property%20tax%20relief%20programs07.pdf Accessed on 05/07/2010] View Archived Source

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