The bill proposes a new property tax exemption for Wyoming residents whose property has been damaged by wildfires. Specifically, it amends W.S. 39-11-105(a) by adding a new paragraph (xlvi), which states that the fair market value of taxable property owned by a resident that was damaged by a wildfire in the previous tax year will be exempt from property taxation. This exemption is designed to provide relief to all residents affected by wildfires, rather than being limited to farmers and ranchers.

The act is set to take effect on January 1, 2025, allowing time for implementation and awareness among residents. The intent behind the legislation is to offer support to individuals impacted by wildfires, recognizing the widespread effects of such disasters on property owners throughout the state.

Statutes affected:
25LSO-0335 v0.5: 39-11-105