The bill amends the property tax assessment ratio for residential properties in Wyoming, establishing that the taxable value for residential property will be set at eight and three-tenths percent (8.3%) of its fair market value. This change is reflected in the definitions section of the law, specifically under the term "Taxable value," which now includes a new subparagraph (C) for residential property, while subparagraph (C) is renumbered as (D) for all other property, which remains at nine and one-half percent (9.5%).
Additionally, the bill stipulates that its provisions will only take effect on January 1, 2025, contingent upon the approval of a constitutional amendment by Wyoming voters during the 2024 general election. This amendment must classify residential property as a separate category for property taxation, and the attorney general must certify that the amendment allows for the statutory changes outlined in the bill within fifteen days of the election results.
Statutes affected: Introduced: 39-11-101, 39-13-103