This bill introduces significant changes to the taxation and revenue framework in Wyoming, particularly concerning the valuation of residential property. It establishes that the taxable value of residential real property will be set at zero percent (0%), while all other property will maintain a taxable value of nine and one-half percent (9.5%). Additionally, the bill defines "residential real property" as real property improved by a dwelling designed for up to three families, including associated land owned by the dwelling's owner. To address the revenue shortfall resulting from this change, the bill imposes an additional excise tax of two percent (2%) on sales, effective April 1, 2029, with specific exemptions for industrial facilities during their permitting and construction phases.

Furthermore, the bill creates a property tax reduction and replacement account, into which the revenue from the new excise tax will be deposited. This account will be used to reimburse counties for tax reductions resulting from the new valuation of residential properties. The distribution of funds from this account will be based on the tax reductions reported by county assessors, with provisions for proportional reductions if the available funds are insufficient. The act's effectiveness is contingent upon the passage of a constitutional amendment in the 2028 general election, with certain sections set to take effect on January 1, 2029.

Statutes affected:
27LSO-0106 v0.3: 39-11-101, 39-13-103, 39-15-104, 39-15-111