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). This exemption is applicable only if the homeowner does not receive another exemption 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 bill also includes a sunset provision, stating that the exemption will not apply for tax year 2027 and thereafter.

Additionally, the bill appropriates $125 million from the general fund to the Department of Revenue to reimburse government entities, including school districts, for revenue losses due to the homeowner tax exemption. This appropriation is designated for the period ending June 30, 2027, and any unspent funds will revert as per the law. The act is set to take effect immediately upon completion of the necessary legislative processes.

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