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, specifically W.S. 39-11-101 and 39-13-103. It removes the previous reference to a starting date of January 1, 1989, for the taxable value definition and updates the language to reflect the new assessment rates. The act will first apply to the tax year beginning January 1 and will take effect immediately upon completion of the necessary legislative processes.

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