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24LSO-0340
2024
STATE OF WYOMING
24LSO-0340
ENGROSSED
3.0
HOUSE BILL NO. HB0103
Property tax-assessment ratio for residential property.
Sponsored by: Representative(s) Allred, Banks, Brown, Byron, Stith and Yin and Senator(s) Dockstader
A BILL
for
AN ACT relating to ad valorem taxation; specifying the property tax assessment ratio for the residential property for owner occupied primary residences class; providing an appropriation; and providing for a delayed and contingent 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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101(a)(xvii) by creating a new subparagraph (C) and by renumbering subparagraph (C) as (D) and 39
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13
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103(b)(iii)(intro), by creating a new subparagraph (C) and by renumbering subparagraph (C) as (D) are amended to read:
39
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11
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101.
Definitions.
(a)
As used in this act unless otherwise specifically provided:
(xvii)
"Taxable value" means a percent of the fair market value of property in a particular class as follows:
(C)
Residential property for owner occupied primary residences, eight and three
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tenths percent (8.3%);
(C)
(D)
All other property, real and personal, including property valued and assessed under W.S. 39
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13
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102(m)(vi) and (ix), nine and one
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half percent (9.5%).
39
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13
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103.
Imposition.
(b)
Basis of tax.
The following shall apply:
(iii)
Beginning January 1, 1989,
"
T
axable value" means a percent of the fair market value of property in a particular class as follows:
(C)
Residential property for owner occupied primary residences, eight and three
‑
tenths percent (8.3%);
(C)
(D)
All other property, real and personal, nine and one
‑
half percent (9.5%).
Section 2.
(a)
There is appropriated eighty-seven million one hundred thousand dollars ($87,100,000.00) to the department of revenue from the general fund to be distributed as follows:
(i)
An amount equal to the reduction in revenue attributable to the property tax assessment rate decrease under this act for the mills levied under W.S. 21
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13
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102(a), 21-13-201(a) and 21-13-303(a) to the public school foundation program account for the purpose of reimbursing the account;
(ii)
After accounting for the distribution under paragraph (i) of this subsection, the balance of the appropriation is appropriated for the purposes of reimbursing local governments for the reduction in revenue attributable to the property tax assessment rate decrease under this act. Reimbursements under this paragraph shall not include amounts reimbursed under paragraph (i) of this subsection. If the appropriation under this subsection is not sufficient to account for the total reduction in revenue, a pro rata amount shall be distributed by the department of revenue to local governments.
(b)
The appropriation under this section 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, 2028. The department of revenue shall calculate the reduction in revenue attributable to the property tax assessment rate decrease under this act for tax year 2026 to determine the reimbursement amounts. This appropriation shall be for the period beginning on the effective date of this this act and ending June 30, 2028. It is the intent of the legislature that this appropriation not be included in any standard budget for the 2029-2030 fiscal biennium.
Section 3
.
This act is effective January 1, 2026 only if the electors of Wyoming approve a constitutional amendment during the 2024 general election that makes residential property a separate class for purposes of property taxation and, not later than fifteen (15) days after the certification of the election results, the attorney general certifies to the secretary of state that the constitutional amendment
authorizes the statutory modifications as provided in this act
.
(END)
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HB0103