The bill amends the property tax deferral program in Wyoming, transferring its administration from the board of county commissioners to the department of revenue. It revises the eligibility criteria for tax deferral, allowing applicants to defer up to half of their real estate ad valorem taxes if they meet specific conditions, such as demonstrating limited income or being over the age of sixty-two. The bill also introduces a new interest calculation method based on the average yield of ten-year U.S. treasury bonds, plus an additional percentage, and makes the deferral contingent on the availability of funds. Additionally, it requires the department to publicize the program and mandates the adoption of necessary rules by December 31, 2024.

Furthermore, the bill includes an appropriation of $200,000 from the general fund for property tax deferral payments, which cannot be used for any other purpose. It repeals a conflicting provision and specifies that the changes will not affect any tax deferrals approved before January 1, 2025. The department of revenue is also tasked with reporting on the implementation of the act by November 1, 2024. Overall, the bill aims to streamline the property tax deferral process while ensuring that it is adequately funded and managed.

Statutes affected:
Introduced: 39-13-107