A little distraction. Thoughts on Prop 1

[ZapPoke]

Yes or no? I moved home to Wyoming in 2021. My property taxes in Texas were outrageous, close to $10,00/year on a house assessed at $360,000. I was looking forward to the lower taxes in Wyoming but they really shot up 2021 to 2024 with a nice reduction when they implemented the 25% cut. I have read that the reduced taxes from Prop 1 will only really reduce taxes collected by 1.8% because it only applies to owner occupied homes. All the other stuff won’t get reduced.

 

[laxwyo]

Yes or no? I moved home to Wyoming in 2021. My property taxes in Texas were outrageous, close to $10,00/year on a house assessed at $360,000. I was looking forward to the lower taxes in Wyoming but they really shot up 2021 to 2024 with a nice reduction when they implemented the 25% cut. I have read that the reduced taxes from Prop 1 will only really reduce taxes collected by 1.8% because it only applies to owner occupied homes. All the other stuff won’t get reduced.

The amount of ads I’m seeing against it has me thinking I should vote for it .

 

[Bryoming]

Wyoming still has the 10th lowest property tax burden in the country, even without Prop 1. All but 2 states that have lower property taxes have an income tax. The other 2 are Nevada, where gambling is by far the biggest revenue generator, and Tennessee, which has the 2nd highest sales and gas taxes in the country.

All Prop 1 is going to do is make it harder for services to operate. Things like schools, police, fire departments, road work, weed & pest, etc...

And before you come at me with something along the lines of, "But the state has a huge rainy day fund!", that's the state. Property taxes are collected by the counties. Can anyone tell me what other sources of income the counties have?

 

[McPeachy]

Big Fat NO for me on this one.

Wasn't it the Freedom Caucus Douchebags that promoted this and got it on the ballot? Cutting property taxes (income) is so stupid right now. Wyoming would have to find new funding options (highly unlikely) to fix the current infrastructure that is in poor shape and getting continually worse!

Now - don't get me wrong, I am not a fan of improper and unrealistic government spending (hey, it's in my budget, so I HAVE to spend it). That will likely always need fixing in my book. I have always felt government funding and spending should be ran like a business, but I digress.

 

[TheRealUW]

Yes or no? I moved home to Wyoming in 2021. My property taxes in Texas were outrageous, close to $10,00/year on a house assessed at $360,000. I was looking forward to the lower taxes in Wyoming but they really shot up 2021 to 2024 with a nice reduction when they implemented the 25% cut. I have read that the reduced taxes from Prop 1 will only really reduce taxes collected by 1.8% because it only applies to owner occupied homes. All the other stuff won’t get reduced.

Where did you live in Texas? Did you have a homestead exemption on your home?

I pay about $10k/year in property taxes on my home in the Austin area but it is valued at around $850k. Tax rate is usually around 1.65%, but decreased pretty sharply when home values shot up a few years ago during the whole COVID thing.

Homestead exemption makes a massive difference. I own a second home in the Austin area that I rent out - it is only valued at about $600k, but because I do not have a homestead exemption on it, I pay way more in property taxes on that home than I do on the home that I live in.