The bill establishes a new Residential Property Tax Reduction Account, which is created under W.S. 9-4-227. This account will receive specified funds and is intended to provide refunds for residential property taxes. The funds within the account will be continuously appropriated to the Department of Revenue, and all investment earnings will be credited to the account. The bill also outlines the process for transferring unappropriated funds from the budget reserve account to the new tax reduction account, specifically targeting funds in excess of five percent of estimated general fund receipts.

Additionally, the bill introduces a surplus reform residential property tax refund program, which will begin in tax year 2026 for taxes paid in 2025. Under this program, property owners can apply for refunds based on the amount of property taxes paid on their primary residence, with a maximum refund limit of $13,300. Refunds will be capped at half the total account balance in even-numbered years and at the total balance in odd-numbered years. If the funds are insufficient to cover all refunds, the amounts will be proportionally reduced. The act is set to take effect on July 1, 2025.

Statutes affected:
Introduced: 9-2-1012, 9-4-719, 39-13-109