This bill establishes a homeowner property tax exemption in Wyoming, specifically for single-family residential properties used as primary residences. The exemption will allow homeowners to deduct 50% of the fair market value of their property, applicable only to the first $200,000 of that value. To qualify, homeowners must reside in the property for at least eight months a year, although exceptions are made for active-duty military members who cannot 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 years beginning in 2027 and thereafter. Additionally, it repeals prior appropriations related to this tax exemption and reverts any unobligated funds to the general fund. An appropriation of $176 million is allocated from the general fund to reimburse government entities for revenue losses resulting from the new exemption, with the funds available until June 30, 2027. The act is effective immediately upon its passage.

Statutes affected:
Introduced: 39-11-105, 39-13-102, 9-2-1008, 9-2-1012, 9-4-207