The bill establishes a homeowner's property tax exemption for primary residences in Wyoming, allowing homeowners to exempt up to $300,000 of their property's fair market value from taxation. To qualify for this exemption, property owners must have been residents of Wyoming for at least five years and must have lived in the primary residence for at least nine months of the previous tax year. Homeowners are required to submit a sworn claim to the county assessor by the fourth Monday in May, and false claims will incur penalties as specified in existing law. The bill also outlines that only one exemption can be claimed per property in any given year.

Additionally, the bill mandates that county treasurers maintain accurate records of the tax revenue reductions resulting from the homeowner's exemption and report this information to the state department. The department will then compile and verify these records and request necessary funding from the legislative stabilization reserve account to compensate counties for the lost tax revenue. The bill includes provisions for rulemaking to administer the exemption and defines "owner" in the context of eligibility for the exemption. The act is set to take effect on January 1, 2025.

Statutes affected:
Introduced: 39-11-105