The proposed bill establishes a new excise tax on the sale of real property in Wyoming, creating a framework for its administration, exemptions, and penalties. The tax will be imposed on the conveyance of real property, with a rate of zero percent for properties valued up to one million dollars and one percent for properties exceeding that threshold. The bill outlines various exemptions from the tax, including transfers between spouses, certain transfers involving trusts, and transactions involving agricultural land, among others. Additionally, it mandates that the county clerk will not record any property transfer documents until the required tax has been paid to the county treasurer.

The bill also includes amendments to existing laws, specifically changing the taxable value percentage for property assessments from nine and one-half percent (9.5%) to nine and thirty-eight hundredths percent (9.38%). The Department of Revenue is tasked with adopting necessary rules for implementing the real estate transfer tax by January 1, 2025, while the provisions of the act will take effect immediately, with specific sections becoming effective on the same date. The legislation aims to provide a structured approach to real estate transactions and ensure compliance with tax obligations.

Statutes affected:
Introduced: 34-1-119, 39-11-101, 39-13-103