Property tax exemption-specified real property.

24LSO-0442
2024
STATE OF WYOMING
24LSO-0442
Numbered
2.0

HOUSE BILL NO. HB0127

Property tax exemption-specified real property.

Sponsored by: Representative(s) Locke, Andrew, Bear, Hornok, Jennings, Neiman, Pendergraft, Penn, Rodriguez-Williams, Slagle, Smith, Strock, Styvar, Trujillo and Ward and Senator(s) Biteman, French, Ide, Laursen, D and Salazar

A BILL

for

AN ACT relating to ad valorem taxation; establishing a property tax exemption for real property in the all other property class of property; requiring information related to the tax exemption to be included on the tax assessment schedule; providing rulemaking authority; specifying applicability; 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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105(a) by creating a new paragraph (xliii) and 39
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103(b)(viii) are amended to read:

39
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105.

Exemptions.

(a)

The following property is exempt from property taxation:

(xliii)

A portion of the value of real property in the all other property category of property as provided in W.S. 39
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103(b)(iii)(C) except agricultural land valued under W.S. 39
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103(b)(x). This exemption shall not apply to personal property. The following shall apply to the exemption under this paragraph:

(A)

Subject to subparagraph (B) of this paragraph, the amount of the exemption under this paragraph shall be any assessed value of the property that is in excess of the prior year taxable value of the property plus the rate of change in the median household income for the county where the property is located as determined by the department of workforce services or three percent (3%), whichever is less. For the tax year beginning January 1, 2024 only, the prior year taxable value used to determine the exemption under this paragraph shall be determined to be the assessed value of the property in 2019 plus the rate of change in the median household income for the county where the property is located as determined by the department of workforce services or three percent (3%), whichever is less, for each tax year from 2020 to 2023;

(B)

The exemption under this paragraph is not applicable and the property shall be valued at full value if the taxpayer acquired the property during the prior calendar year;

(C)

The department shall adopt rules necessary to administer the exemption under this paragraph.

39
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103.

Imposition.

(b)

Basis of tax.

The following shall apply:

(viii)

Every assessment schedule sent to a taxpayer shall contain the property's estimated fair market value for the current and previous year, or, productive value in the case of agricultural property. The schedule shall also contain the assessment ratio as provided by paragraph (b)(iii) of this section for the taxable property, the amount of taxes assessed on the taxable property from the previous year,
and
an estimate of the taxes which will be due and payable for the current year based on the previous year's mill levies
and, if the property is eligible for an exemption under W.S. 39
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105(a)(xliii), an estimate of the taxes that will be avoided pursuant to the exemption under W.S. 39
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105(a)(xliii)
. The schedule shall contain a statement of the process to contest assessments as prescribed by W.S. 39
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109(b)(i);

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 immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

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HB0127