The bill establishes a property tax exemption for single-family residential properties in Wyoming, allowing property owners who reside in their homes for at least six months of the year to exempt a portion of their property's fair market value from taxation. Specifically, the exemption will cover the first $200,000 of fair market value for the tax year 2025, increasing to $1 million for subsequent years, with annual inflation adjustments starting in 2027. The bill also mandates the Department of Revenue to adopt necessary rules for administering this exemption.

To offset the revenue loss from these property tax exemptions, the bill introduces an additional sales and use tax starting July 1, 2025, set at a rate of 2%, which may be adjusted based on certain conditions. The revenue generated from this tax will be distributed to local governments to compensate for the lost property tax revenue. The bill includes provisions for the distribution of these funds and requires a report on the impact of the tax exemption on local government revenues. The act is set to take effect immediately upon completion of the legislative process.

Statutes affected:
Introduced: 39-11-105, 39-15-104, 39-15-111, 39-16-104, 39-16-111