This story is part of our new Quick Hits series. This series will bring you breaking news and short updates from throughout the state.
A bill that would incentivize property owners in Wyoming to refurbish abandoned and nuisance buildings was reconsidered in a Joint Corporations, Elections & Political Subdivisions Committee meeting on Monday.
The same bill failed to clear introduction in this year’s legislative budget session. Yet it wasn’t sponsored by a committee, a process that usually means a bill will have better odds of passing the session.
If this bill was successfully introduced to the Legislature next year and passed into law, buildings would first need to be determined to be abandoned or a nuisance by the local city council. The bill would then provide a motive for property owners to revitalize them through property tax credits.
For example, if an owner fixes up their abandoned building, they could write off the cost on their annual property tax bill for up to 10 years after a building or property was refurbished. At that point, the credit would expire.
An abandoned building’s annual property taxes in Wyoming could be as little as $1,000. An owner might spend $100,000 to refurbish it, resulting in an increased property tax bill of $3,000 annually. The tax credit would mean that owner could write off their $3,000 bill every year for the 10 year period, allowing them – in this case – to recoup up to $30,000 of their original investment.
At the hearing, several committee members expressed support for sponsoring the legislation.
One of the sponsors of the measure, Rep. Trey Sherwood (D-Laramie), said that she hopes the committee will take up the bill because it could have a better chance next session with committee sponsorship.
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