The bill focuses on the administration of property tax in Wyoming, specifically addressing assessment rates for residential real property. It establishes that the taxable value for an owner-occupied primary residence will be set at eight and three-tenths percent (8.3%), while all other residential real property will be assessed at nine and one-half percent (9.5%). Additionally, the bill introduces a new definition for "owner occupied primary residence" and clarifies what constitutes "residential real property." It also stipulates that zero mills shall be assessed on residential real property if the owner submits a claim to the county assessor by March 1 each year, confirming that the property is their primary residence.

Furthermore, the bill repeals a related property tax exemption and includes an appropriation of $500,000 from the general fund to the Department of Revenue to implement the changes. This funding may be distributed to counties to update their assessment and tax systems. The act is set to take effect on January 1, 2027, and will first apply to the tax year beginning January 1, 2028.

Statutes affected:
Introduced: 39-11-101, 39-13-103, 39-13-104, 39-11-105
Engrossed: 39-11-101, 39-13-103, 39-13-104, 39-11-105