The bill amends the property tax assessment rates in Wyoming, specifically 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%), consistent with the assessment rate for all other property.

The bill also makes conforming changes to existing law, including the deletion of outdated language regarding the effective date of the taxable value definition. The new provisions will take effect for the tax year beginning January 1, 2025, and the act will become 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