The bill establishes a homeowner property tax exemption in Wyoming, allowing homeowners to receive a tax exemption of fifty percent (50%) on the fair market value of their residential property, up to a maximum of one million dollars ($1,000,000.00). The exemption is applicable only if the homeowner does not receive another exemption for the same tax year. Additionally, the county treasurers are required to maintain records of the tax revenue reductions caused by this exemption and report the information to the state department, which will then distribute funds to compensate local government entities for the revenue loss. The exemption will not apply for tax year 2027 and thereafter.

The bill includes a sunset provision, with appropriations of one hundred twenty-five million dollars ($125,000,000.00) allocated from the general fund to reimburse government entities for revenue losses due to the exemption, effective until June 30, 2027. The legislation also specifies that if the appropriated funds are insufficient, the department will distribute available funds on a pro rata basis. The act is intended to provide property tax relief for the tax years 2025 and 2026, and it is effective immediately upon completion of the necessary legislative processes.

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