The bill establishes a framework for cities and towns in Wyoming to address abandoned and nuisance properties through a tax credit incentive. It allows local governing bodies to designate properties as abandoned or nuisances if they have been vacant for at least six months or are significantly deteriorated. The bill sets limits on the number of properties that can be designated based on the population of the city or town. Property owners who demolish or bring these properties into compliance with applicable codes within two years of designation can apply for a tax credit of up to 50% of their expenditures. Additionally, new owners of such properties can also qualify for tax credits if they meet the same criteria within five years of acquisition.

Furthermore, the bill amends existing laws to empower local governing bodies to assess fees for the costs associated with abating nuisances or repairing dangerous properties. It introduces new legal language that allows for the creation of liens for abatement costs, which will not have preference over preexisting debts but will have priority from the date of filing. The tax credit provisions are detailed, specifying that property owners must document their expenditures and receive approval from the governing body before claiming credits. The act is set to take effect on July 1, 2025.

Statutes affected:
Introduced: 15-1-103, 39-13-109