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HB0054 • 2023

Homestead exemption.

AN ACT relating to taxation; establishing a homestead exemption for primary residences; providing a penalty for false claims; providing a sunset date; providing an appropriation; and providing for an effective date.

Taxes
Inactive

Wyoming marks this bill as inactive, which usually means it is no longer moving in the current session.

Sponsor
Representative Sommers
Last action
2023-02-07
Official status
inactive
Effective date
3/1/2023

Plain English Breakdown

The bill is marked as inactive and has died in committee. The effective date mentioned in the candidate explanation (March 1, 2023) does not align with the official text which states an effective date of January 1, 2024.

Homestead Exemption Act

The bill establishes a homestead exemption for primary residences in Wyoming and sets penalties for false claims.

What This Bill Does

  • Creates an exemption from property taxes for the first $100,000 of fair market value on residential real estate used as a primary residence.
  • Requires homeowners to apply annually by submitting a claim form to their county assessor before May 20th each year.
  • Sets penalties for making false claims about homestead exemptions.
  • Allocates $31 million from the general fund to help local governments cover any losses due to this exemption until June 30, 2025.

Who It Names or Affects

  • Homeowners who use their property as a primary residence in Wyoming.
  • Local and state government agencies responsible for tax collection and distribution of funds.

Terms To Know

Homestead Exemption
A reduction in the amount of property taxes owed on a home used as a primary residence.
Primary Residence
The main or principal home where someone lives for most of the year.

Limits and Unknowns

  • The homestead exemption will end on December 31, 2029.
  • Local governments may not receive full reimbursement if the allocated funds are insufficient.

Bill History

  1. 2023-02-07 House

    H:Died in Committee Returned Bill Pursuant to HR 5-4

  2. 2023-02-07 House

    H No report prior to CoW Cutoff

  3. 2023-01-17 House

    H Introduced and Referred to H03 - Revenue

  4. 2023-01-06 House

    H Received for Introduction

  5. 2022-12-16 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
23LSO-0035
2023
STATE OF WYOMING
23LSO-0035
Numbered
2.0

HOUSE BILL NO. HB0054

Homestead exemption.

Sponsored by: Representative(s) Sommers and Senator(s) Baldwin

A BILL

for

AN ACT relating to taxation; establishing a homestead exemption for primary residences; providing a penalty for false claims; providing a sunset date; providing an appropriation; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.

W.S. 39
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11
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105(a) by creating a new paragraph (xliii) is amended to read:

39
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11
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105.

Exemptions.

(a)

The following property is exempt from property taxation:

(xliii)

For residential real property used as a primary residence, the first one hundred thousand dollars ($100,000.00) of fair market value as a homestead exemption. Not more than one (1) homestead exemption shall apply to the same property in any year and no owner shall claim more than one (1) homestead exemption in any year including property that is improved by a residence that houses more than one (1) family. To claim a homestead exemption the owner of the residential real property shall submit a claim to the county assessor not later than the fourth Monday in May each year on forms provided by the department of revenue demonstrating that the person is the owner of the property and that the property is the person's primary residence. False claims are punishable as provided by W.S. 6
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5
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303. This paragraph is repealed on December 31, 2029.

As used in this paragraph:

(A)

"Owner" means any of the following provided that no other person who may qualify as an owner or joint owner shall apply for a homestead exemption for the same property in the same year:

(I)

A person who occupies and owns a primary residence either solely or jointly with other owners;

(II)

A person who occupies a primary residence as a vendee in possession under a contract of sale;

(III)

A person who occupies a primary residence owned by a corporation primarily formed for the purpose of farming or ranching if the person is a shareholder or is related to a shareholder of the corporation; or

(IV)

A person who occupies a primary residence owned by a partnership primarily formed for the purpose of farming or ranching if the person is a partner or is related to a partner in the partnership.

(B)

"Primary residence" means residential real property where the person claiming the exemption actually resides for a majority of the year;

(C)

"Residential real property" means real property improved by a dwelling designed to house not more than four (4) families and includes up to one (1) acre of land where the dwelling is located if the land is owned by the owner of the dwelling. The dwelling may include any type of residence including a single family home, an individual condominium unit, mobile home or trailer if the dwelling is used as a primary residence.

Section 2.

There is appropriated thirty-one million dollars ($31,000,000.00) from the general fund to the department of revenue for the purposes of reimbursing local governments for losses in revenue resulting from the homestead exemption as provided in this act.

If the amount appropriated under this section is insufficient to fully reimburse all local governments for losses in revenue resulting from the homestead exemption, the department shall determine appropriate amounts to provide to each local government on a proportional basis.

This appropriation shall be for the period beginning with the effective date of this act and ending June 30, 2025.

This appropriation shall not be transferred or expended for any other purpose and any unexpended, unobligated funds remaining from this appropriation shall revert as provided by law on June 30, 2025.

It is the intent of the legislature that this appropriation be included in the department's standard budget for the immediately succeeding fiscal biennium.

Section 3
.

This act is effective January 1, 2024
.

(END)

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HB0054