The bill amends existing property tax laws in Wyoming, specifically addressing the maximum mill levy rates for school districts and county taxes. It establishes that if the Department of Education determines that the assessment of the maximum mill levy of twenty-five mills for school purposes will result in statewide revenues exceeding the previous year's revenue adjusted for inflation, the number of mills for each school district will be reduced accordingly. This adjustment aims to ensure that revenue collected aligns with the previous year's figures, taking inflation into account. Similar provisions are included for county and city taxes, where the board of county commissioners and city authorities must also adjust their mill levies to avoid exceeding the prior year's revenue when adjusted for inflation.

Additionally, the bill specifies that the maximum county tax rate is limited to twelve mills, and the maximum city and town tax rate is capped at eight mills, with both subject to the same revenue adjustment criteria based on inflation. The effective date for this act is set for January 1, 2024. Overall, the bill seeks to create a more equitable taxation system that prevents excessive revenue generation from property taxes while considering inflationary impacts.

Statutes affected:
Introduced: 21-13-102, 39-13-104