This bill establishes a property tax exemption for a portion of the value of real property classified under the "all other property" category, excluding agricultural land. The exemption is defined in W.S. 39-11-105(a) by adding a new paragraph (xliii), which specifies that the exemption amount will be based on the assessed value exceeding the prior year's taxable value, adjusted by the rate of change in median household income or a cap of three percent, whichever is lower. For the tax year beginning January 1, 2024, the prior year's taxable value will be calculated using the assessed value from 2019, with 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 other required information. This addition is reflected in the amendment to W.S. 39-13-103(b)(viii), which now includes a provision for estimating taxes avoided under the new exemption. 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