The bill establishes a homeowner property tax exemption in Wyoming, which will apply to a portion of single-family residential structures. Specifically, the exemption will be set at 25% of the fair market value of such properties, applicable only to the first $2 million of that value. The county treasurers are tasked with maintaining records of the tax revenue reductions caused by this exemption and reporting the information to the state department. The bill also 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 allocated for this purpose until June 30, 2027.

Additionally, the bill includes a sunset provision, stating that the homeowner tax exemption will be repealed on July 1, 2027, and will not apply for the tax year 2027 and thereafter. The exemption is set to first take effect for the tax year beginning January 1, 2025. The bill also mandates that county assessors certify the exemptions granted to the department by September 1, and the state treasurer will reimburse counties for the lost tax revenue by October 1.

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