The bill establishes a homeowner's exemption for primary residences in Wyoming, allowing homeowners to exempt up to $50,000 of the fair market value of their property from taxation, provided it does not exceed 25% of the total fair market value. To qualify for this exemption, homeowners must have been residents of Wyoming for at least five years and must have lived in the property for at least six months of the previous tax year. Homeowners are required to submit a claim to the county assessor by the fourth Monday in May, and false claims will be penalized as outlined in existing law.

Additionally, the bill outlines the process for maintaining the exemption in subsequent years, which requires claimants to confirm their eligibility with the assessor's office annually. The county treasurer is tasked with keeping records of the tax revenue reductions due to the exemption and reporting this information to the state department, which will manage the distribution of funds to offset the tax revenue loss. The bill also defines "owner" in the context of the exemption and mandates the department to adopt necessary rules for its administration. The act is set to take effect on July 1, 2023.

Statutes affected:
Introduced: 39-11-105