This bill establishes a homeowner property tax exemption in Wyoming, which will apply to a portion of single-family residential structures. Specifically, the exemption will amount to 25% of the fair market value of a single-family residential structure, applicable only to the first $2 million of that value. The bill outlines that county treasurers must maintain accurate records of the tax revenue reductions caused by this exemption and report this information to the state department. Additionally, the bill includes provisions for compensating local government entities for the loss of tax revenue due to the exemption, with a total appropriation of $125 million from the general fund designated for this purpose until June 30, 2027.

The homeowner tax exemption will first take effect for the tax year beginning January 1, 2025, and is set to expire on July 1, 2027. The bill also specifies that no appropriations from the legislative stabilization reserve account shall be authorized after June 30, 2027, and that the total amount distributed for compensation cannot exceed $100 million. The county assessors are required to certify the exemptions granted to the department by September 1, and the state treasurer will reimburse county treasurers for the lost tax revenue by October 1.

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