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). This exemption is applicable only if the homeowner does not receive another exemption under a specified section for the same tax year. The county treasurers are tasked with maintaining records of the tax revenue reductions caused by this exemption and must report this 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.

Additionally, the bill includes a sunset provision, stating that no appropriations from the legislative stabilization reserve account for this exemption will be authorized after June 30, 2027, with a total cap of one hundred million dollars ($100,000,000.00) on appropriations from this account. The legislature has appropriated one hundred twenty-five million dollars ($125,000,000.00) from the general fund to reimburse government entities for revenue losses due to the exemption, with the funds designated for use 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
Engrossed: 39-11-105, 39-13-102