The bill amends the property tax deferral program in Wyoming, transferring its administration from the board of county commissioners to the department of revenue. It revises the eligibility criteria for tax deferral, allowing applicants to defer up to half of their real estate ad valorem taxes if they meet specific conditions, such as having a principal residence on a parcel of land not exceeding 40 acres. The bill also introduces a new interest calculation method for deferred taxes, linking it to the average yield on ten-year U.S. Treasury bonds plus 1.5%. Additionally, the deferral of taxes will now depend on the availability of funds, and the department is required to provide annual payments to county treasurers for deferred taxes.

Furthermore, the bill includes an appropriation of $200,000 from the general fund for property tax deferral payments, which must be used solely for this purpose until June 30, 2026. It mandates the department of revenue to adopt necessary rules by December 31, 2024, and requires a report on the implementation of the act by November 1, 2023. The bill also clarifies that it does not affect any tax deferrals approved before January 1, 2025, ensuring that existing obligations remain intact.

Statutes affected:
Introduced: 39-13-107