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) that states that the fair market value of taxable property owned by a resident of Wyoming 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 limiting it to specific groups such as farmers or 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 a broader safety net for individuals impacted by wildfires, ensuring that they are not unduly burdened by property taxes on damaged property.

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