The bill establishes a homestead exemption for primary residences in Wyoming, allowing property owners to exempt a portion of their property's fair market value from taxation. Specifically, the exemption amounts vary based on the owner's age: $50,000 for those aged 64 or younger, $100,000 for those aged 65 to 74, and $150,000 for those aged 75 and older. The bill also stipulates that only one homestead exemption can be claimed per property per year, and property owners must submit a claim to the county assessor by the fourth Monday in May. False claims will incur penalties as outlined in existing law.

Additionally, the bill includes an appropriation of $88.4 million from the general fund to reimburse local governments for revenue losses due to the homestead exemption, with the funding available until December 31, 2027. The homestead exemption provision will also sunset on the same date. The act is set to take effect on January 1, 2025.

Statutes affected:
Introduced: 39-11-105