This bill establishes a homeowner property tax exemption in Wyoming, allowing homeowners to exempt 50% of the fair market value of their primary residence, up to a maximum of $200,000. The exemption applies only to single-family residential properties where the owner resides for at least eight months of the year, with provisions for active-duty military members who may not meet this requirement. The county treasurers are tasked with maintaining records of the tax revenue reductions due to this exemption and reporting this information to the state department, which will then distribute funds to compensate local government entities for the lost revenue.

The bill also includes a sunset provision, stating that the exemption will not apply for tax years beginning in 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 the Department of Revenue to reimburse government entities for revenue losses resulting from the new homeowner tax exemption. The act is set to take effect 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