The bill amends the property tax assessment rates in Wyoming, specifically for residential real property. It establishes that the taxable value for residential real property, including owner-occupied primary residences, will be set at eight and three-tenths percent (8.3%) of the fair market value. Additionally, the bill defines "owner occupied primary residence" and "residential real property," clarifying that the latter includes properties designed to house up to four families and associated land up to thirty-five acres, provided the land is owned by the property owner.

Furthermore, the bill makes conforming changes to existing law, including the deletion of outdated language regarding the effective date of the taxable value definition.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 the completion of all necessary legislative processes.

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