AN ACT relating to taxation; establishing a tax exemption for long-term homeowners; providing a penalty for false claims; providing a sunset date; and providing for an effective date.
Taxes
Enacted
This bill passed the Legislature and reached final enactment based on the latest official action.
Sponsor
Revenue
Last action
2024-03-21
Official status
enrolled
Effective date
1/1/2025
Plain English Breakdown
The candidate explanation included details on military personnel that are not explicitly mentioned in the summary but were added during committee amendments. This addition aligns with the bill's final text.
Property Tax Exemption for Long-Term Homeowners
This law creates a property tax exemption of up to 50% for long-term homeowners aged 65 or older who have lived in Wyoming for at least 25 years.
What This Bill Does
Creates a property tax exemption of up to 50% for long-term homeowners aged 65 or older and who have paid property taxes in Wyoming for at least 25 years.
Requires homeowners to apply each year by submitting proof that they meet the age and residency requirements.
Defines who can claim the exemption, including military personnel with Wyoming as their home state.
Sets penalties for making false claims about eligibility.
Who It Names or Affects
Homeowners aged 65 or older in Wyoming who have lived there for at least 25 years.
Counties that will see a reduction in property tax revenue due to the exemption.
Terms To Know
Primary residence
The main home where someone lives most of the year, usually more than eight months.
Sunset date
A specific date when a law stops being in effect.
Limits and Unknowns
Does not provide details on how counties will be reimbursed for lost tax revenue.
The exemption only applies to residential real property used as a primary residence and does not cover commercial properties or land over 35 acres.
Amendments
These notes stay tied to the official amendment files and metadata from the legislature.
Plain English: The amendment changes how long-term homeowners can qualify for property tax exemptions by including those who own their primary residence through a corporation, partnership, or limited liability company.
Adds eligibility for long-term homeowners to include those who own their primary residence via a corporate entity like a corporation, partnership, or LLC.
Removes specific lines that were previously added by another amendment.
The exact impact of removing certain lines is not fully explained in the provided text and may require additional context to understand completely.
Plain English: The amendment adds a provision to reimburse counties for lost property tax revenue due to the exemption for long-term homeowners, with specific requirements for certain small counties.
Adds language after 'homeowners;' on page 1 line 2 to include reimbursing counties for lost property tax revenue.
Inserts new paragraph (C) on page 3 after line 7 that outlines how the state will reimburse counties with an assessed value of less than $300,000 per mill under a specific model.
The amendment references '2024 House Bill 70,' which may not be enacted into law at this time.
Some technical details about the reimbursement process might be complex for general understanding.
Plain English: The amendment modifies a bill to add provisions for reimbursing counties for lost property tax revenue due to the exemption for long-term homeowners, including record-keeping requirements and state funding mechanisms.
Adds language requiring counties to keep records of reduced revenue from the homeowner exemption.
Specifies that the department will compile county data and request funds from the legislative stabilization reserve account to reimburse counties.
Details how the state treasurer should distribute funds to county treasurers for reimbursement.
The amendment text does not specify the exact amount or conditions under which counties would be reimbursed, leaving some details unclear.
Plain English: The amendment changes the eligibility criteria for a property tax exemption by requiring homeowners to be at least 65 years old and have paid Wyoming residential property taxes for 25 years or more, with additional income restrictions.
Adds an age requirement of 65 years or older for homeowners seeking the tax exemption.
Requires that homeowners or their spouse must have paid Wyoming residential property taxes for at least 25 consecutive years to qualify.
Includes a household income limit of three hundred percent (300%) or less of the state median gross household income, with an exception if there are dependents under 21 years old living in the primary residence.
The amendment text does not specify what happens to existing exemptions that do not meet these new criteria.
Plain English: The amendment changes the number of years required for homeownership from 30 to 25 years in certain sections and adds a new category of eligible individuals for tax exemptions.
Changes the requirement for long-term homeownership from 30 years to 25 years in two places.
Adds military personnel who declare Wyoming as their permanent home as eligible for the exemption.
Removes the phrase 'up to' before a certain limit.
Modifies the land size eligibility from one acre to up to thirty-five acres of residential land.
The exact impact on military personnel's eligibility is not fully explained in the amendment text.
Plain English: The amendment changes the deadline for long-term homeowners to apply for a property tax exemption from the fourth Monday in May to March 1.
Changes the application deadline for the property tax exemption from the fourth Monday in May to March 1.
The amendment text does not provide information about other aspects of the bill, such as eligibility criteria or the amount of the exemption.
Bill History
2024-03-21LSO
Assigned Chapter Number 106
2024-03-21Governor
Governor Signed HEA No. 0044
2024-03-07Senate
S President Signed HEA No. 0044
2024-03-06House
H Speaker Signed HEA No. 0044
2024-03-06LSO
Assigned Number HEA No. 0044
2024-03-06Senate
S 3rd Reading:Passed 21-0-0-0-10
2024-03-05Senate
S 2nd Reading:Passed
2024-03-04Senate
S COW:Passed
2024-03-01Senate
S Placed on General File
2024-03-01Senate
S03 - Revenue:Recommend Amend and Do Pass 5-0-0-0-0
2024-02-28Senate
S Introduced and Referred to S03 - Revenue
2024-02-23Senate
S Received for Introduction
2024-02-22House
H 3rd Reading:Passed 59-3-0-0-0
2024-02-22House
H 3rd Reading:Pursuant to HR 7-7 Accelerated to 3rd Reading 45-17-0-0-0
2024-02-22House
H 2nd Reading:Passed
2024-02-21House
H 2nd Reading:Laid Back
2024-02-20House
H COW:Passed
2024-02-20House
H Placed on General File
2024-02-20House
H03 - Revenue:Recommend Amend and Do Pass 9-0-0-0-0
2024-02-12House
H Introduced and Referred to H03 - Revenue 59-2-1-0-0
2024-01-24House
H Received for Introduction
2023-11-30LSO
Bill Number Assigned
Official Summary Text
Bill Summary - 24LSO-0188
Bill No.:
HB0003
Effective:
1/1/2025
LSO No.:
24LSO-0188
Enrolled Act No.:
HEA No. 0044
Chapter No.:
106
Prime Sponsor:
Joint Revenue Interim Committee
Catch Title:
Property tax exemption for long-term homeowners.
Has Report:
No
Subject:
Property tax exemption for long-term homeowners.
Summary/Major Elements:
This bill creates a property exemption for long-term homeowners who are sixty-five (65) years of age or older and who have paid property tax in Wyoming for twenty-five (25) years.
The amount of the property tax exemption is fifty percent (50%) of the assessed value of the residential real property that is used as a primary residence.
The bill provides for a process for an owner to claim the exemption and provides definitions of "owner", "primary residence" and "residential real property".
Comments:
The bill is effective January 1, 2025.
The bill has a sunset date of July 1, 2027.
The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent.
While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.
Current Bill Text
Read the full stored bill text
24LSO-0188
ORIGINAL House
Bill No
.
HB0003
ENROLLED ACT NO. 44,
HOUSE OF REPRESENTATIVES
SIXTY-SEVENTH LEGISLATURE OF THE STATE OF WYOMING
2024 Budget Session
AN ACT relating to taxation; establishing a tax exemption for long-term homeowners; providing a penalty for false claims; 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
‑
11
‑
105(a) by creating a new paragraph (xliii) is amended to read:
39
‑
11
‑
105.
Exemptions.
(a)
The following property is exempt from property taxation:
(xliii)
A portion of property used as a primary residence by long
‑
term homeowners as provided in this paragraph. The following shall apply to this exemption:
(A)
For residential real property used as a primary residence, if the owner or their spouse is sixty
‑
five (65) years of age or older and the owner or their spouse has paid residential property tax in Wyoming for twenty
‑
five (25) years or more on any residential property, the amount of the exemption shall be fifty percent (50%) of the assessed value of the residential real property;
(B)
Not more than one (1) exemption under this paragraph shall apply to the same property in any year and no owner shall claim more than one (1) exemption under this paragraph in any year including property that houses more than one (1) family. To claim an exemption under this paragraph 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, that the person or the person's spouse is sixty
‑
five (65) years of age or older and has paid residential property tax in Wyoming for twenty
‑
five (25) years or more on any residential property and that the property is the person's primary residence. A surviving spouse of a person who qualified under this paragraph and who would not otherwise qualify under this paragraph shall continue to qualify for the exemption under this paragraph. False claims are punishable as provided by W.S. 6
‑
5
‑
303;
(C)
As used in this paragraph:
(I)
"Owner" means any of the following provided that no other person who may qualify as a co
‑
owner shall apply for an exemption under this paragraph for the same property in the same year:
(1)
A person who occupies and owns a primary residence either solely or with other owners;
(2)
A person who occupies a primary residence as a vendee in possession under a contract of sale;
(3)
A person who occupies a primary residence owned by a corporation, partnership or limited liability company if the owner of the property is a shareholder or owner of the corporation, partnership or limited liability company;
(4)
A person who occupies a primary residence that is held in a trust established by or for the benefit of the occupant; or
(5) Military personnel who declare Wyoming as their domicile.
(II)
"Primary residence" means residential real property where the person claiming the exemption actually resides for not less than eight (8) months of the year;
(III)
"Residential real property" means real property improved by a dwelling designed to house not more than four (4) families and includes associated residential land up to thirty
‑
five (35) acres 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, a mobile home or a trailer if the dwelling is used as a primary residence.
Section 2.
This act is repealed effective July 1, 2027.
Section 3
.
This act is effective January 1, 2025
.
(END)
Speaker of the House
President of the Senate
Governor
TIME APPROVED: _________
DATE APPROVED: _________
I hereby certify that this act originated in the House.
Chief Clerk
1