Wyoming’s property tax structure-“The system we’ve got right now, we’re raping our people,” (house, new construction)

[Wytempest]

Property should be taxed/assessed according to current real value. IMO. Say I paid 100k for my home in 22' and was acquisition based taxed at that 100k I paid. Property has already started down so a year from now say my property is only worth 50k. Yet I'm still being taxed for that 100k property
That's not right. After the 3 years adjustment the property should go back to current value taxation. Will it, NO!!

We paid about 30% more for our land in 20'. Normally we wouldn't but it's beautiful property, were retired and the great Lord blessed us to be able to do so. That being said I only want to be taxed on the Current value of what I could sell it for in the future. Not what we paid for it.


I have no idea how we will be taxed as we bought the property and built the cabin ourselves so acquisition based will only be on the land??

Currently our property tax is acceptable.

[Hemlock140]

Originally Posted by nowhereman427

That is down right horrible!
I know the State of Washington in the Pacific Northwest (another no state income tax state) is real bad in that there is no property tax cap so the tax accessor can raise property taxes as high as 30% annually
Alot of seniors and fixed income folks end up losing their home because of this.

"Californication of property values caused us to leave our ranch in the Greenie State back in the 1970's. Then... the unaffordable property taxes eventually caught up to me in my relocation state".

In the Republik of Kalifornia, there is a 2% cap on property taxes annually because of Proposition 13 back from 1978 which is much better but there are alot more other cons against this place. But even then you look at the prices of those homes today in San Fransicko, the mortgages are $8,000+ to $10,000+ a month pending how much cash you put down and the taxes are 15,000+ a year depending on price of the house but property tax is property tax which comes to over $1,000+ a month and this is just is for a medicore home to a home in a bad high crime area = 1.2 million+. No large homes or mansions in Pacific Heights or St. Francis Woods for us common folk.

Nevada State Property taxes are similiar on a positive note I understand around 3% and Nevada is a no State Income Tax State.

Not quite true, there is a cap on the percentage that can be charged, 1% of market value. What inflates our property tax is the voter approved tax levies for things like schools, and the assessor using current market rate for values. In our case the various levies are 30% of our $12,000/year property tax in Sammamish WA. and our value has gone from $190k in 1993 when we bought to $1.3 million today.

[nowhereman427]

Originally Posted by Hemlock140

Not quite true, there is a cap on the percentage that can be charged, 1% of market value. What inflates our property tax is the voter approved tax levies for things like schools, and the assessor using current market rate for values. In our case the various levies are 30% of our $12,000/year property tax in Sammamish WA. and our value has gone from $190k in 1993 when we bought to $1.3 million today.

Thanks for the clarification and update.

$12,000 annually for property tax

[StealthRabbit]

Originally Posted by nowhereman427

Thanks for the clarification and update.

$12,000 annually for property tax

The caps in WA are county wide, not individual property specific. The county has the latitude to manipulate their assessments to best meet future revenue needs.

Don't let WY go there!

Actual current valuation can easily be skewed higher quite simply by speculative sales / transfer of properties in your neighborhood. (We're in a federally restricted building region, so land locked, and this yr a foreign national paid 3x value for a spot of bare land, thinking he could build a castle there.

County and Feds would not allow building a castle, so... His land stays vacant, and our neighboring prop valuations all tripled due to his ignorant purchase.

Another falsity in valuation.... Your old worn out home, is probably not spiffed up for sale, as was the one the assessor used for a 'comparable sales' valuation to assign to your home.

Nor should the 7-10% selling commission expense built into the comparable sale, be applied to your valuation.

I spend a lot of time in court contesting my valuations. Assessor warns... "Don't do that!". They will always win in the end. My assessor claims he will give our home to his parents when he buys it at the tax sale. He says, "they'll really like living here".

[StealthRabbit]

Texas is another income tax free state, which has high property taxes to compensate. Texas has gone on steroids to make 257 counties, each duplicating the infrastructure and costs, and each having many school districts. (Very inefficient, but very Texan (we're doing this My Way)

The school districts all get to tax you, just like the county (duplicated efforts), so... The more government entities = more inefficiency = more jobs = more revenue needs.

There is no end to how messed up taxation can get.

Keep tabs on your government.
Avoid standing in front of the steamroller.

[nowhereman427]

Originally Posted by StealthRabbit

Texas is another income tax free state, which has high property taxes to compensate. Texas has gone on steroids to make 257 counties, each duplicating the infrastructure and costs, and each having many school districts. (Very inefficient, but very Texan (we're doing this My Way)

The school districts all get to tax you, just like the county (duplicated efforts), so... The more government entities = more inefficiency = more jobs = more revenue needs.

There is no end to how messed up taxation can get.

Keep tabs on your government.
Avoid standing in front of the steamroller.

Nevada Property Taxes do not appear to be as bad Washington State or Texas State.

[StealthRabbit]

States have other ways to gather taxes.
WY = energy extraction sector
NV = cash extraction sector

The most 'fair(?)' Tax system is usually a broad distribution, taking a little here and a little there, thus not forced to be a hog in any one revenue stream.

Colorado is currently considered to be quite fair to the general populous, but we left Colorado in the 1970s over property taxation. no ag exemption at the time, so county determined to tax our ranch as if a subdivision. (Highest and best use)

I did reap the benefits of no income tax during my earning yrs, in a high paying state. There are better domiciles once you have no income. But.... I am not solo to choose my own path. I hear.... "Sure you can relocate to X.... You will be very lonely, and very broke, think hard about it."

[GraniteStater]

Originally Posted by OneDawg

Living in Wyoming has never been considered cheap. All seven of those no-state income tax states are that way. NH is far worse than WY. It's all about give and take. You want to not pay a state income - well, the offset is higher property, vehicle fees - they all add up to where there's no longer and advantage. My GGF used to call it tax regression.

False, NH has many towns with very low property taxes that are in reasonably short driving distances to services and amenities. They are mostly retiree oriented towns in the Lakes Region.

[OneDawg]

Originally Posted by GraniteStater

False, NH has many towns with very low property taxes that are in reasonably short driving distances to services and amenities. They are mostly retiree oriented towns in the Lakes Region.

I hardly think 2% TAX on newly purchased real estate is cheap. WY has 0.61% on the assessed valuation, but the distances are greater - sometimes two or more hours - like Cody to Billings for a COSTCO or St Vincent's.

But that's just my opinion.

[GraniteStater]

Originally Posted by OneDawg

I hardly think 2% TAX on newly purchased real estate is cheap. WY has 0.61% on the assessed valuation, but the distances are greater - sometimes two or more hours - like Cody to Billings for a COSTCO or St Vincent's.

But that's just my opinion.

Tell that to the wealthy people who have parked massive amounts of real estate wealth in a town like Moultonborough, with an equalized tax rate of $4.78 per $1,000 assessed value, a tax rate lower now than 15 years ago. The valuation of all real estate in the town is $4.8 billion, not that bad for having around 5000 residents. There are also plenty of lower priced properties away from the lakes that are far more of a bargain compared to what you find in many areas of the Mountain West these days.

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.revenue.nh.gov/mun-prop/municipal/documents/22-tax-rates.pdf