This bill establishes a tax exemption for long-term homeowners in Wyoming, specifically targeting those who are 65 years of age or older and have paid residential property tax for at least 35 years. The exemption allows for a reduction of 50% of the assessed value of their primary residence. To qualify, homeowners must submit a claim to the county assessor by the fourth Monday in May each year, demonstrating their eligibility. The bill also stipulates that only one exemption can be claimed per property in any given year, and it includes provisions for surviving spouses of qualifying homeowners.

Additionally, the bill introduces penalties for false claims related to the exemption, aligning with existing legal provisions. It defines key terms such as "owner," "primary residence," and "residential real property" to clarify eligibility criteria. The act is set to take effect on January 1, 2025. The committee is also encouraged to consider funding to offset potential revenue losses for local governments due to this new exemption.

Statutes affected:
24LSO-0188 v0.4: 39-11-105