This bill establishes a homeowner property tax exemption in Wyoming, which will allow homeowners to receive a tax exemption of 25% on the fair market value of their single-family residential structures, applicable only to the first $2 million of that value. The exemption is defined to include various types of residential structures intended for human habitation, such as houses, modular homes, mobile homes, townhouses, and condominiums. The county treasurers are tasked with maintaining records of the tax revenue reductions caused by this exemption and reporting this information to the state department, which will verify the data and distribute necessary funds to compensate local government entities for the revenue loss. The bill includes a sunset provision, stating that the exemption will be repealed on July 1, 2027.

To support the implementation of this exemption, the bill appropriates $125 million from the general fund to the Department of Revenue for reimbursing government entities, including school districts, for revenue losses incurred due to the exemption. This appropriation is designated for use until June 30, 2027, and any unspent funds will revert to the state. The exemption will first apply to the tax year beginning January 1, 2025, and the bill is effective immediately upon its passage.

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