This bill amends existing property tax laws in Wyoming by establishing specific assessment rates for residential real property. It introduces a new definition for "Residential real property," which is defined as real property improved by a dwelling designed to house no more than three families, including associated land owned by the dwelling's owner. The taxable value for residential real property is set at eight and three-tenths percent (8.3%) of its fair market value, while all other property, both real and personal, will be assessed at nine and one-half percent (9.5%).

Additionally, the bill makes conforming amendments to the definitions and assessment rates in the relevant statutes. It removes the previous designation of subparagraph (C) and renumbers it as (D) to accommodate the new insertion regarding residential property. The changes will take effect for the tax year beginning January 1, and the bill will become law immediately upon fulfilling the necessary legislative procedures.

Statutes affected:
26LSO-0103 v0.4: 39-11-101, 39-13-103