The bill establishes a property tax exemption for a portion of the value of real property classified as "all other property," excluding agricultural land. This exemption is defined in the newly created paragraph (xliii) of W.S. 39-11-105(a) and specifies that the exempted amount will be the assessed value exceeding the prior year's taxable value, adjusted by the rate of change in median household income or a maximum of three percent, whichever is less. For the tax year beginning January 1, 2024, the prior year's taxable value will be based on the assessed value from 2019, with similar adjustments for subsequent years. Additionally, the exemption will not apply if the property was acquired in the previous calendar year, and the Department of Workforce Services is tasked with adopting necessary rules for administering this exemption.

Furthermore, the bill mandates that assessment schedules sent to taxpayers include estimates of taxes avoided due to this new exemption, alongside the property's estimated fair market value and previous year's taxes. This requirement is an addition to the existing information that must be provided in the assessment schedules. The exemption will first take effect for the tax year starting January 1, 2024, and the act will become effective immediately upon fulfilling the necessary legislative procedures.

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