JACKSON HOLE, Wyo. — Sticker shock over drastic property tax increases have some longtime Jackson residents seriously questioning how they are going to make ends meet. Some good news could potentially be ahead.
The State of Wyoming Department of Revenue has announced that the Property Tax Refund Program has received the necessary funding to administer this program for 2021’s property taxes.
Pursuant to state statute, eligible persons may apply for a refund of property taxes that were paid on time for the preceding calendar year. Taxes paid are required to be upon the applicant’s principal residence.
Qualifying taxpayers may reduce their property tax liability if the applicant has been a resident of this state for not less than five (5) years, their household income is equal to or less than the greater of three fourths (3/4) of the median household income for the state or county ($73,658 for Teton County) in which you reside as determined annually by the Economic Analysis Division of the Wyoming Department of Administration and Information.
There are some limitations, which include: total personal assets cannot exceed $133,651 per adult household member. In other words, if you own other real estate, bank accounts and investments, they cannot value in excess of $133,651 per adult household member. However, you may exclude the value of your home, a car for each adult household member, and any retirement accounts (IRA’s, 401K plans, Medical Savings, etc.).
The filing deadline is Monday, June 6, 2022. For more information, please visit the Teton County Treasurer’s website or call (307) 733-4770.
