Can seniors really apply to basically cut their property taxes in half on Park County homes next year?

It sounds too good to be true. But under a law passed by the last Legislature, it is possible for qualifying longterm homeowners.

That would be homeowners 65 years of age and older who have paid residential property taxes in Wyoming for at least 25 years. The Wyoming Longterm Homeowner exemption is on the books to apply for tax years 2025 and 2026, but may be extended by future Legislatures. The exemption is for primary residences only, including garage and up to 35 acres of land.

This looming property tax rollback for seniors takes a little of the sting out of the checks presently  being written for 2024 property tax bills.

Park County Assessor Pat Meyer has been a proponent of tax relief, noting that the median property tax of $2,604 paid by Park County taxpayers is the second highest tax bill of 23 counties in the state.  At the same time, Meyer points to the median household income of $71,130 in Park County — 13th highest of counties in the state — as obvious indicator of the need for relief.

Teton County is on an island of its own with a median household income of $123,420 and a median property tax of $11,125.

The Park County Assessor’s office will be carrying the message of the coming 2025 tax relief to seniors in the county, who have until the fourth Monday in May, 2025 to apply for the exemption. Already, about 400 Park County property owners have filed their applications with the assessor’s office.

Applicants for the exemption must identify the address of the primary residence and the history of home ownership in the state.  Age of the applicant must be verified by documentation.

Park County had total  assessed valuation of over a billion dollars in 2024, with residential property accounting for 56% of the total. The county assessor’s office estimates the average value of a primary residence in the county at about $479,000. 

What will it cost the county in tax take? It can’t be estimated until approved applications are in hand. It will cost city and county governments and special taxing districts some gross dollars.

Assessor Meyer’s telling bottom line is asked and answered: Does Park County need all the revenue it receives of the current high property values?  Park County has paid for services on significantly less property tax income.