Taxed on unrealized profit

To the Editor:

Part of our retirement plan was to own our house mortgage free. We wanted to secure our place to live, knowing other expenses would inflate in time. Boy howdy! Inflate it has. Groceries, utilities and insurance have exploded, along with the cost of real estate. Inflated property values have driven property taxes up exponentially.  

Wyomingites bought their homes, paid them off to live in at retirement, only to learn the property tax is making it burdensome or even unaffordable in some Wyoming counties. 

As neighbors move and sell at today’s prices it drives up taxes for everyone.  A No. 1 complaint of young people is not being able to purchase a home. High taxes are a contributing factor, and a 50% reduction in taxes would be welcomed. 

We are all being taxed on unrealized profit. Property taxes should be assessed on the purchase price of your home, not what you might sell it for today.  

Owner-occupied residential property tax is a small part of the county’s overall budget. This tax burden should be reduced. A 50% decrease in taxes will make a huge difference on people who are just wanting to stay in their homes, and for those just starting out. 

Research shows an average of a 5% decrease in county budgets. Revenue could be made up from an ever expanding state investment income. Extra money in the Rainy Day fund should go to local governments instead of fleecing residents for it. If left at the state, the governor just spends it on burying CO2 or something.  

In November the Property Tax Initiative reducing residential taxes by 50% will be on the ballot for Wyoming voters to choose. This is not lowering all real estate taxes, only residential. It will not impact local significantly. Be sure to do your homework. Watch for more information. Be an informed voter. 

— Susan Love, Newcastle