Governor Mark Gordon has taken a proactive step by submitting a budget letter to the Legislature’s Joint Appropriations Committee urging for a $20 million expansion of the Property Tax Refund program according to the report of News Letter Journal. The move aims to provide targeted relief to Wyoming homeowners grappling with the dual challenges of inflation and substantial property value hikes.
Photo from Cowboy State News Network
Addressing the Impact of Inflation on Homeowners
In his letter, Governor Gordon underscores the pressing issue of inflation affecting Wyoming residents. He highlights that last year witnessed double-digit increases in property values across 20 of the state’s 23 counties, placing an additional burden on homeowners already navigating rising grocery prices and utility bills.
Governor Gordon empathizes with low-to-moderate income households, noting their struggles to cope with escalating property tax assessments. The proposed $20 million expansion aims to specifically assist those on fixed incomes who find it increasingly challenging to manage their growing property tax bills.
The governor emphasizes the acute nature of the issue, particularly for individuals on fixed incomes, stressing the significance of confronting the challenges faced by Wyoming’s homeowners in the current economic climate.
READ ALSO: US Government Revises Crypto Tax Rule, Eases Reporting Requirements
Strengthening Property Tax Relief Program
The Property Tax Refund Program designed to aid low-income taxpayers saw significant enhancements in 2023 when Governor Gordon signed a bill expanding eligibility requirements and relief options.
In 2022, over 9,000 Wyoming families benefited from the program receiving more than $8 million in refunds with an average refund of approximately $938. Governor Gordon underscores the importance of targeted relief to ensure those in greatest need receive assistance without compromising local tax revenue.
As discussions unfold in the Legislature, Governor Gordon’s proposed budget allocation seeks to reinforce a vital lifeline for Wyoming residents, offering a glimmer of financial respite amidst economic uncertainties
READ ALSO: Lottery Alert: $105,000 Unclaimed Jackpot – Winner Urged To Check Tickets!
