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 be set at 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 allocated for this purpose until June 30, 2027.

The homeowner tax exemption will first take effect for the tax year beginning January 1, 2025, and will be repealed on July 1, 2027, meaning it will not apply for the tax year 2027 and thereafter. The bill also specifies that no appropriations from the legislative stabilization reserve account will be authorized after June 30, 2027, and that any unexpended funds from the appropriation will revert to the state by that date. The act is set to take effect immediately upon completion of the necessary legislative processes.

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