Reality

[BigO4WYO]

I believe in Wyoming all school funding goes into a pool and it is redistributed. BUNCH OF COMMUNISTS.

Actually I think that's great. Imagine the imbalance Wyoming would have. Wait, am I a communist?

In Nebraska I pay about $10K on a home assessed at $650K. If you ask around here we have the highest property taxes in the nation. Which is something I've heard pretty much in all 7 places I've lived lol. It's not low, but it's not New Jersey.

 

[TheRealUW]

I believe in Wyoming all school funding goes into a pool and it is redistributed. BUNCH OF COMMUNISTS.

Actually I think that's great. Imagine the imbalance Wyoming would have. Wait, am I a communist?

In Nebraska I pay about $10K on a home assessed at $650K. If you ask around here we have the highest property taxes in the nation. Which is something I've heard pretty much in all 7 places I've lived lol. It's not low, but it's not New Jersey.

Yeah, I think you can find a lot of people in every state who believe they pay the most taxes of anywhere in the country.

I did find it interesting that I actually pay more taxes in Texas than I did when I lived in Massachusetts despite my financial situation basically being the same in both states. I'm sure it varies by individual situation, but it surprised me at first.

 

[Bryoming]

However - You do realize that Wyoming has (and has had) property tax exemptions/reductions for long term owners and veterans right? You do also realize that Wyoming first introduced property taxes in 1876 (before it was a state) and has had property tax ever since? The Wyoming constitution itself embraces property taxes (see article 15 section 11). Were the founders of Wyoming’s State Constitution tyrants?

It also seems hyperbole to suggest that property taxes are kicking old people out of their homes. Who are these people? Do you personally know them? Why was this not seemingly an issue for the previous roughly 150 years?

Hyperbole are what the people that make this argument are proficient in. They see their bottom line and that's all they care about. "Big picture" is not in their vernacular.

To back up the statements @OrediggerPoke made, here's a handy chart from WalletHub.

WalletNews: WalletHub's Studies, Surveys, Guides & More

wallethub.com

 

[OrediggerPoke]

Out of curiosity, what does the average homeowner in Wyoming pay for property taxes? Here in Texas, where I live, property taxes are very high. I pay around $15k a year in property taxes on my home that is valued around $850k.

What really makes those property taxes sting is that around 50% of it is taxes for the local school district, but Texas has a "Robin Hood" program that redistributes school taxes from more property rich urban areas to less property rich rural areas. Despite our local school district being in pretty poor financial shape to the point they are shutting down and consolidating schools to meet the budget, the state takes about 60% of the taxes we pay and sends them to school districts elsewhere in the state.

I believe a $500,000 home in Wyoming had a yearly property tax of about $2,750 without any additional exemptions (long term and veterans). That number will go down another 25 percent this year for anyone filling out the form that the property is their primary residence.

 

[TheRealUW]

I believe a $500,000 home in Wyoming had a yearly property tax of about $2,750 without any additional exemptions (long term and veterans). That number will go down another 25 percent this year for anyone filling out the form that the property is their primary residence.

Thanks for the info. I suspected they were fairly low - that seems very reasonable.

 

[doreno5]

I believe a $500,000 home in Wyoming had a yearly property tax of about $2,750 without any additional exemptions (long term and veterans). That number will go down another 25 percent this year for anyone filling out the form that the property is their primary residence.

We live in Cheyenne with a $500k home so there some additional mill levies so it is just over $3000 per year. Wyoming is extremely lucky to have the revenues from the mineral industry but that has also in my opinion resulted in not diversifying its economic base by trying to attract new industries.

 

[MrTitleist]

Wish I had you guys' cheap property taxes...

 

[PorkerPoke]

Wish I had you guys' cheap property taxes...

Arizona - same value $5,000 per year, state income tax and 9-10% sales tax except groceries.

 

[Brew_Poke]

I believe a $500,000 home in Wyoming had a yearly property tax of about $2,750 without any additional exemptions (long term and veterans). That number will go down another 25 percent this year for anyone filling out the form that the property is their primary residence.

Good Lord, that's cheap.

 

[jwy_poke]

Thanks for the info. I suspected they were fairly low - that seems very reasonable.

Mine is just over 6 thousand this year. Two years ago it was just under 8 thousand. Thankfully it is getting more reasonable.

 

[laxwyo]

Property taxes are the most American of any tax, going back to before the Revolution. Learn some history.

There was a revolution so we could have property taxes? Did we read the same Declaration of Independence? Which amendment of the US constitution protects property taxes?

Another point, you’re being taxed on unrealized gains in the value of an asset. Most Americans scoffed at a wealth tax on unrealized gains in stock for wealthy Americans when it was proposed by Biden but are totally ok when it’s done to the majority of Americans on their single largest asset. Oredigger loved to point out exemptions when it came to property tax but casually overlooked our sales tax exemption on foods.

Sales tax can also be done differently than how we do it. Wyoming could easily do a state version of Fairtax, which is a higher sales tax but everyone gets a rebate so that the poor downtrodden don’t have to contribute to the society from which they consume so much from. And people who don’t own a house can help fund all these “essential” services government provides. People would rightly criticize a sales tax on a home but then turn around and support a tax on the unrealized gains in value of that home in perpetuity .

If there’s one thing government schools do brilliantly, it’s teaching kids that the solution to every problem is… more government. Everything else? Not so much.”

 

[TheRealUW]

There was a revolution so we could have property taxes? Did we read the same Declaration of Independence? Which amendment of the US constitution protects property taxes?

Another point, you’re being taxed on unrealized gains in the value of an asset. Most Americans scoffed at a wealth tax on unrealized gains in stock for wealthy Americans when it was proposed by Biden but are totally ok when it’s done to the majority of Americans on their single largest asset. Oredigger loved to point out exemptions when it came to property tax but casually overlooked our sales tax exemption on foods.

Sales tax can also be done differently than how we do it. Wyoming could easily do a state version of Fairtax, which is a higher sales tax but everyone gets a rebate so that the poor downtrodden don’t have to contribute to the society from which they consume so much from. And people who don’t own a house can help fund all these “essential” services government provides. People would rightly criticize a sales tax on a home but then turn around and support a tax on the unrealized gains in value of that home in perpetuity .

If there’s one thing government schools do brilliantly, it’s teaching kids that the solution to every problem is… more government. Everything else? Not so much.”

I am having a tough time completely understanding your argument.

It doesn't sound so much like you want lower overall taxes, just that you want the tax revenue to be shifted to sales tax instead of property tax. Is this correct? And if so, can you explain why you think that is preferable? I'm not understanding exactly what makes property taxes so much worse than other taxes.

I don't know exactly how property taxes work in Wyoming, but at least in Texas, what I pay in property taxes doesn't really change a whole lot even if the value of my home changes significantly. This is because the taxing entities set a budget, then look at the average valuation of the homes that fall within it jurisdiction, and adjust their tax rate accordingly. So if there is a significant increase in property values, the tax rate declines to offset the home value increase.

Also, renters do most certainly contribute to property taxes indirectly. Rental rates are calculated to ensure the rents coming in cover any property tax payments due on the property. I own several rental houses, and one of the things we do every year is adjust the rental rate, in part, for changes in property taxes on the properties.

In the end, the state needs to bring in a certain amount of tax revenue to meet their budget. Each individual's preference for how they do that is primarily driven by their own personal situation. People who own multiple high value properties typically prefer lower property taxes in favor of raising taxes elsewhere. Someone who owns a single small low value home would likely prefer a higher property tax rate and lower taxes elsewhere.