Property taxes across the state have been a hot-button issue for several years. Still, here in Laramie County, due in part to the number of large corporate businesses relocating and building new plants, we have seen a significant increase in property values, leading to higher property taxes.
During my visit with County Assessor Todd Ernst, he shared his concerns regarding the State Legislature's work on lowering property taxes. He noted that a balanced approach is needed to ensure the counties have enough revenue to support necessary services.
There are tax exemptions for veterans and a 50% property tax reduction for seniors who have owned property in Laramie County for over 25 years. In this year's Legislative session, several more bills are being considered to lower property taxes further, including a 25% reduction on all residential property taxes.
These reductions are cumulative in all cases, meaning qualifying individuals can take advantage of every property tax reduction available at once. This tax reduction sounds terrific, but the collected property taxes fund the County Government, including the court system, library, law enforcement, roads, and public safety, to name a few.
Todd said his office only assesses property values in Laramie County; the State Legislature sets the tax rate. Currently, industrial properties are assessed at 11.5%, and all other properties are assessed at 9.5%.
It will be interesting to see what property tax legislation emerges from this year's legislative session and how it will impact the services Laramie County residents have come to rely on.
For more information on the Laramie County Assessor's office and a complete list of services they provide, check out their link on the County's Website.