Broad property tax exemption could be 'devastating,' assessors say

SHERIDAN - A bill to offer broadscale property tax relief could have adverse impacts on local governments and tax authorities, according to various organizations.

House Bill 169 - Homeowner tax exemption - 2025 and 2026 - would exempt 50% of a home's first $1 million in fair market value from property tax assessment. In Sheridan County, that would mean the median home would be assessed for a fair market value of $143,241.50, rather than an estimated value for 2024 of $386,483. The bill includes a provision that the exemption would only apply in tax years 2025 and 2026; it would no longer be in...