The 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 removes the previous reference to a specific date, January 1, 1989, in the context of taxable value definitions. The new provisions will take effect for the tax year beginning January 1, 2026, and the act will become effective immediately upon the completion of all necessary legislative processes as outlined in the Wyoming Constitution.

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