The bill amends existing property tax laws 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, the bill 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 the definitions of taxable value and the basis of tax, ensuring that all other property, both real and personal, is also assessed at the same rate of nine and one-half percent (9.5%). The new provisions will take effect for the tax year beginning January 1, 2025, and the act will become effective immediately upon the completion of all necessary legislative processes.

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