Property tax-assessment rate.

05LSO-0521.L2

                                                         

FISCAL NOTE

 

	FY 2006	FY 2007	FY 2008
NON-ADMINISTRATIVE IMPACT
Anticipated Revenue Decrease:
AD VALOREM TAX	0	25,430,629	25,430,629
SCHOOL FOUNDATION FUND	0	5,923,743	5,923,743

 

Source of revenue decrease:

 

Decrease in property tax assessment rate from 9.5 percent to 8.0 percent.

 

Assumptions:

 

Assumed mill levies remain constant. The above estimates are based on 2003 statewide average mill levy of 63.516 mills. State average mill levy does not include municipal levies.

 

Assumed appraised values remain constant. The above estimates are based on tax year 2003 data from Wyoming Department of Revenue 2003 Annual Report.

 

This bill is effective January 1, 2006, therefore the fiscal impact would begin with the 2006 tax assessment year (fiscal year 2007).

 

 

Please see attached spreadsheet.

 

 

 

Prepared by:   Wade Hall, Dept. of Revenue      Phone:   777-5235

 

 

 

This bill has administrative impact that appears to increase (or decrease) duties or responsibilities of one or more state agencies and may impact agency spending or staffing requirements. As introduced, the bill does not modify any state agency budget or current personnel authorizations.

The following state agencies will be asked to provide their estimate of the administrative fiscal impact prior to the first committee meeting held to consider the bill:

 

Department of Revenue