The bill establishes a property tax exemption for single-family residential properties in Wyoming. It amends current law to include a new exemption under W.S. 39-11-105(a) that allows for a portion of the taxable value of these properties to be exempt from taxation. The exemption is defined as the fair market value of the property that exceeds the prior year's fair market value plus an additional three percent (3%). For the tax year beginning January 1, 2025, the prior year fair market value used for determining the exemption will be the lesser of the actual fair market value or the fair market value from 2020, adjusted for three percent (3%) per year for the years 2021 through 2024. Additionally, the bill outlines the application process for property owners and specifies that the exemption applies only to one single-family property if the owner has multiple properties.

Furthermore, the bill mandates that tax assessment schedules sent to taxpayers must include an estimate of the taxes that will be exempt if the property qualifies for the new exemption. The Department of Revenue is tasked with adopting necessary rules to implement the exemption by January 1, 2025. The act will take effect immediately upon completion of legislative procedures, with the specific provisions regarding the exemption becoming effective on January 1, 2025.

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