The bill amends the property tax assessment framework in Wyoming by establishing specific assessment rates for residential real property. It introduces a new definition for "owner occupied primary residence," which refers to residential real property where the owner resides for at least six months of the tax year. Additionally, it defines "residential real property" as real property improved by a dwelling designed for up to three families, including associated land owned by the property owner. The taxable value for residential real property, including owner-occupied primary residences, is set at nine and one-half percent (9.5%).

Furthermore, the bill makes conforming changes to existing law by deleting the previous reference to the effective date of January 1, 1989, and clarifying that the new assessment rates will apply starting from the tax year beginning January 1, 2025. The act is effective immediately upon completion of the necessary legislative processes.

Statutes affected:
Introduced: 39-11-101, 39-13-103
Engrossed: 39-11-101, 39-13-103