This bill establishes a homeowner property tax exemption in Wyoming, specifically amending W.S. 39-11-105(a) to include a new exemption for single-family residential structures and their associated improved land. The exemption will allow homeowners to receive a 50% reduction in property taxes based on the fair market value of their property, applicable only to the first $1,000,000 of value. However, this exemption will not be available to individuals who have already claimed another tax exemption for the same property in the same tax year. Additionally, the bill defines "single-family residential structure" and specifies that the exemption will not apply for tax years starting in 2027.

The exemption is set to take effect for the tax year beginning January 1, 2025, and includes a sunset provision, meaning it will no longer be available after the specified date. The bill also clarifies that taxpayers can still opt to pay the full amount of property taxes without utilizing the exemption. Overall, this legislation aims to provide financial relief to homeowners while establishing clear guidelines and limitations for the exemption's application.

Statutes affected:
Introduced: 39-11-105, 39-13-102
Engrossed: 39-11-105