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 a 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%, with provisions for potential reductions based on revenue sufficiency. The revenue generated from this tax will be allocated to a newly created property tax reduction and replacement account, which will reimburse local governments for their revenue losses due to the exemptions. The bill includes provisions for reporting and rulemaking, ensuring that the impacts of the tax changes are monitored and addressed appropriately.

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