The bill amends existing laws related to ad valorem taxation, specifically focusing on the taxable value of residential property. It introduces a new provision that limits the annual increase in taxable value for residential properties to the lesser of the rate of inflation, as determined by the consumer price index, or six percent (6%). This limitation does not apply to increases resulting from changes, additions, or improvements made to the property in the previous year. Additionally, if the property is transferred to a new owner, it will be assessed at its fair market value without any limitations on the increase for the applicable tax year.

The bill also removes obsolete language from the current law and establishes a contingent effective date of January 1, 2025. This effective date is contingent upon the approval of a constitutional amendment by Wyoming voters during the 2024 general election, which would classify residential property as a separate category for property taxation. The attorney general must certify that the amendment allows for the statutory changes outlined in the bill within fifteen days of the election results.

Statutes affected:
24LSO-0184 v0.4: 39-11-101, 39-13-103