The bill amends the existing property tax exemption law in Wyoming to provide a more substantial exemption for business property. Specifically, it changes the exemption threshold from $2,400 to the first $50,000 in fair market value of business property owned by a person in each county. The language clarifies that this exemption applies to taxable personal property, excluding any property that is already exempt under a different provision for personal or family use.

The effective date for this new exemption is set for January 1, 2026. This change aims to support small businesses by reducing their property tax burden, thereby encouraging economic growth and investment within the state.

Statutes affected:
Introduced: 39-11-105