The bill establishes a homeowner property tax exemption for primary residences in Wyoming, amending W.S. 39-11-105(a) to include a new exemption category. This exemption allows homeowners to receive a tax reduction of 25.6% of the fair market value of their primary residence, with a maximum exemption limit of $200,000. The bill specifies that only one exemption can be claimed per property per year, and homeowners must submit a claim to the county assessor by the fourth Monday in May to qualify. Additionally, false claims for the exemption are subject to penalties as outlined in W.S. 6-5-303.

The bill also defines key terms related to the exemption, including "owner," "primary residence," and "residential real property." It clarifies that the exemption applies to various ownership situations, such as individuals who occupy their primary residence or those who reside in properties owned by corporations or partnerships formed for farming or ranching purposes. The act is set to take effect on January 1, 2025.

Statutes affected:
24LSO-0187 v0.4: 39-11-105