The bill establishes a homestead exemption for primary residences in Wyoming, allowing homeowners to exempt the first $100,000 of fair market value from property taxation. To qualify for this exemption, property owners must submit a claim to the county assessor by the fourth Monday in May each year, demonstrating ownership and that the property is their primary residence. The bill also includes a penalty for false claims, which are punishable under existing law, and specifies that only one homestead exemption can be claimed per property in any given year. This exemption will sunset on December 31, 2029.

Additionally, the bill appropriates $31 million from the general fund to reimburse local governments for revenue losses resulting from the homestead exemption. This funding is designated for the period from the effective date of the act until June 30, 2025, and any unspent funds will revert as per the law. The act is set to take effect on January 1, 2024.

Statutes affected:
Introduced: 39-11-105