Wyoming Legislature's revenue committee supports real estate transfer tax
The Wyoming Legislature's Joint Revenue Committee has backed a real estate transfer tax that some believe could generate close to $10 million for Teton County. It's the first time the committee has sponsored such legislation. The committee was told that it is essentially a sales tax on the purchase of expensive homes of over $1.5 million.
Jackson City Council member Arne Jorgensen said housing costs continue to rise in the county and local officials would like to use the tax revenue to provide affordable housing.
"The benefit of this tool is frankly the dollar numbers. This allows us to do many, many things. You keep hearing about housing, most of our expectation is that would be part of the ballot question, but our expectation is housing would be a significant element of that," said Jorgensen
The Wyoming Association of REALTORS opposes the bill fearing it could negatively impact the real estate market. The Wyoming Farm Bureau also expressed concerns about impacts to agriculture producers who might want to sell their land. The bill will need to gain the support of two-thirds of the legislature to be debated during the upcoming legislative session in February.