This bill amends the property tax assessment rates in Wyoming, specifically 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 existing laws, including the renumbering of certain subparagraphs. The changes will take effect for the tax year beginning January 1, 2027, and the act will become effective immediately upon the completion of all necessary legislative processes.

Statutes affected:
27LSO-0110 v0.2: 39-11-101, 39-13-103