Property tax-homeowner's exemption.

23LSO-0195
2023
STATE OF WYOMING
23LSO-0195
ENGROSSED
3.0

HOUSE BILL NO. HB0098

Property tax-homeowner's exemption.

Sponsored by: Joint Revenue Interim Committee

A BILL

for

AN ACT relating to taxation; establishing a homeowner's exemption for primary residences; providing a penalty for false claims; specifying applicability; providing a sunset date; 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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105.

Exemptions.

(a)

The following property is exempt from property taxation:

(xliii)

A portion of property used as a primary residence as a homeowner's exemption. This paragraph is repealed December 31, 2025. The following shall apply to the homeowner's exemption:

(A)

For property used as a primary residence, up to fifty thousand dollars ($50,000.00) of the fair market value not to exceed twenty
‑
five percent (25%) of the total fair market of the property as a homeowner's exemption. Not more than one (1) homeowner's exemption shall apply to the same property in any year and no owner shall claim more than one (1) homeowner's exemption in any year, including property with a family dwelling that houses more than one (1) family. To claim a homeowner's exemption the person shall have been a resident of this state for not less than five (5) years prior to claiming an exemption under this paragraph and shall have resided in the applicable primary residence for at least six (6) months of the immediately preceding tax year. To claim a homeowner's exemption the owner of the property shall submit a claim to the county assessor not later than the fourth Monday in May 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;

(B)

After filing a sworn claim pursuant to subparagraph (A) of this paragraph, in subsequent years the claimant shall remain qualified for the homeowner's exemption provided by this paragraph if the claimant contacts the assessor's office by telephone, mail or other communication method on or before the fourth Monday in May and confirms that the claimant continues to meet the requirements set forth in this paragraph;

(C)

The county treasurer for each county shall keep accurate records of the reduction in tax revenues caused by the homeowner's exemption for the county and for each governmental entity for which a tax levy is made pursuant to W.S. 39
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104(k) and shall report that information to the department. The department shall compile the information received from each county and shall request that the treasurer transfer the required amount from the legislative stabilization reserve account. The department shall distribute the appropriate amount to each county treasurer who shall distribute the funds as provided in W.S. 39
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111;

(D)

The department shall adopt rules necessary to administer the homeowner's exemption under this paragraph;

(E)

As used in this paragraph "owner" means any of the following provided that no other person who may qualify as an owner or joint owner shall apply for a homeowner's 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; or

(III)

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

Section 2.

The exemption provided by this act shall first apply to the tax year beginning January 1, 2024.

Section 3
.

This act is effective July 1, 2023
.

(END)

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HB0098