The bill amends the property tax assessment rates in Wyoming, specifically defining the taxable value for residential real property and establishing a lower assessment rate for owner-occupied primary residences. It introduces new definitions, including "owner occupied primary residence," which refers to residential real property where the owner resides for at least six months of the tax year, and "residential real property," which encompasses dwellings designed for up to four families and associated land up to 35 acres. The taxable value for residential real property is set at 8.3%, while all other property will be assessed at 9.5%.

Additionally, the bill removes the previous reference to a specific date for the imposition of the taxable value, which was set to begin on January 1, 1989. The new provisions will take effect for the tax year starting 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