This bill establishes a homeowner property tax exemption in Wyoming, allowing for a 50% exemption on the fair market value of a single-family residential property used as a primary residence, applicable only to the first $200,000 of value. The exemption is defined to apply to properties where the owner resides for at least eight months a year, with provisions for active duty military members who may not meet this requirement. The county treasurer is tasked with maintaining records of the tax revenue reductions due to this exemption, and the Department of Revenue will distribute funds to compensate local government entities for these losses.
The bill also includes a sunset provision, stating that the exemption will not apply for tax year 2027 and thereafter. It repeals prior appropriations related to similar exemptions and reverts any unobligated funds to the general fund. Additionally, it appropriates $176 million from the general fund to reimburse government entities for revenue losses resulting from the new homeowner tax exemption, with the funds available until June 30, 2027. The act is effective immediately upon completion of the necessary legislative processes.
Statutes affected: Introduced: 39-11-105, 39-13-102, 9-2-1008, 9-2-1012, 9-4-207