This bill amends existing property tax laws in Wyoming, specifically focusing on the assessment rates for residential real property. It introduces new definitions and assessment percentages, stating that owner-occupied primary residences will be assessed at eight and three-tenths percent (8.3%) of their fair market value, while all other residential properties will be assessed at nine and one-half percent (9.5%). Additionally, the bill defines "owner occupied primary residence" and "residential real property," clarifying the criteria for properties eligible for these assessment rates.

Furthermore, the bill limits the applicability of certain school tax mills to residential real property used as a primary residence, stipulating that zero mills will be assessed on such properties if the owner submits a claim to the county assessor by a specified deadline. It also repeals a related property tax exemption and establishes that these changes will take effect on January 1, 2027, applying to the tax year beginning on that date.

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