The bill establishes a property tax exemption for single-family residential structures in Wyoming, allowing homeowners to exempt any assessed value that exceeds the prior year's assessed value by more than five percent. The exemption will not apply if the increase in value is due to structural changes, such as new construction or additions, or if the property was acquired in the previous calendar year. Additionally, the Department of Revenue is tasked with adopting rules to administer this exemption, and a definition of "single-family residential structure" is provided, encompassing various types of privately owned dwellings.

Furthermore, the bill mandates that tax assessment schedules sent to taxpayers include an estimate of taxes that could be avoided if the property qualifies for the new exemption. This information will be included alongside the property's estimated fair market value and previous year's tax assessments. The exemption will first take effect for the tax year beginning January 1, 2024, and the act will become effective immediately upon completion of the necessary legislative processes.

Statutes affected:
Introduced: 39-11-105, 39-13-103