SF0054 • 2024

Homeowner tax exemption.

AN ACT relating to taxation; establishing a homeowner property tax exemption; providing a sunset date; providing an appropriation; and providing for an effective date.

Budget Taxes

Vetoed

The latest official action shows the governor vetoed this bill. Check the bill history to see whether lawmakers later overrode that veto.

Sponsor: Revenue
Last action: 2024-03-22
Official status: enrolled
Effective date: 3/1/2024

Plain English Breakdown

The official source material does not provide specific details on the appropriation amount or its application beyond $2 million in property value.

Homeowner Tax Exemption Act

This act establishes a homeowner property tax exemption for single family residential structures, provides funding to compensate government entities for lost revenue until June 30, 2026, and sets a sunset date of July 1, 2026.

What This Bill Does

Creates a new paragraph (xliii) in W.S. 39-11-105(a), which exempts twenty-five percent of the fair market value of single family residential structures from property taxation up to $2 million.
Requires county treasurers to keep records and report reductions in tax revenues due to this exemption, with state funds compensating government entities for lost revenue until June 30, 2026.

Who It Names or Affects

Homeowners with single family residential structures in Wyoming.
Government entities that rely on property tax revenue.

Terms To Know

Sunset date: The specific date when a law or program will end and no longer be effective.

Limits and Unknowns

The act was vetoed by the governor on March 22, 2024.
It is unclear whether lawmakers will attempt to override the governor's veto or if similar legislation will be introduced in future sessions.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

SF0054H2001

2nd reading • Representative Storer

Adopted

Plain English: The amendment changes the homeowner property tax exemption to apply only to single-family residential structures and limits the exemption amount based on the fair market value of these properties.

Replaces 'residential real property' with 'a single family residential structure'.
Limits the exemption to 25% of the fair market value, but only up to $3 million in value for a single-family residential structure.

The amendment does not specify how this change will affect existing property tax exemptions or provide details on implementation beyond the stated changes.

SF0054H2002

2nd reading • Representative Locke

Failed

Plain English: The amendment changes how much of a homeowner's property value is exempt from taxes in the years 2024 and 2025.

In 2024, homeowners can get an exemption for up to $200,000 of their home’s fair market value.
Starting in 2025, the exemption will be either $200,000 or 25% of the home's value, but not more than $3 million.

The amendment removes some existing language that was added earlier, which might affect how the tax exemption works beyond what is stated here.

SF0054H2003

2nd reading • Representative Locke

Withdrawn

Plain English: The amendment changes the amount of money allocated for a homeowner property tax exemption from $125 million to $300 million.

Increases the funding for the homeowner property tax exemption from one hundred twenty-five million dollars ($125,000,000.00) to three hundred million dollars ($300,000,000.00).

The amendment does not provide details on how the increased funding will be used or affect homeowners beyond changing the amount.

SF0054H2004

2nd reading • Representative Locke

Corrected, Failed

Plain English: The amendment removes previous changes and increases the homeowner property tax exemption rate from 25% to 35%. It also deletes certain lines added by a House standing committee.

Increases the homeowner property tax exemption rate from 25% to 35%
Removes specific lines that were previously added by a House standing committee

The amendment text does not provide details about what was removed or why, which limits full understanding of its impact.

SF0054H3001

3rd reading • Representative Locke

Corrected, Failed

Plain English: The amendment changes the percentage of property tax exemption for homeowners from 25% to 30%, removes certain lines related to previous amendments, and increases the appropriation amount from $125 million to $170 million.

Changes the homeowner property tax exemption rate from 25% to 30%
Removes specific lines that were previously amended by the House standing committee
Increases the appropriation amount for the bill from $125,000,000 to $170,000,000

The exact impact of removing certain lines related to previous amendments is not fully explained in the amendment text.

SF0054H3002

3rd reading • Representative Locke

Corrected, Withdrawn

Plain English: The amendment changes the amount of money associated with a homeowner property tax exemption from $125 million to $170 million.

Changes the funding limit for the homeowner property tax exemption from one hundred twenty-five million dollars ($125,000,000.00) to one hundred seventy million dollars ($170,000,000.00).

The amendment does not provide details on how the increased funding will affect homeowners or the broader tax system.

SF0054H3003

3rd reading • Representative Locke

Corrected, Failed

Plain English: The amendment removes specific changes made by a previous committee in the bill regarding homeowner property tax exemption.

Removes a previously added amendment related to homeowner property tax exemption from page 5, line 20 of the bill.

The exact nature and content of the removed amendments are not specified in the provided text, making it unclear what specific changes were being deleted.

SF0054H3004

3rd reading • Representative Harshman

Withdrawn

Plain English: The amendment changes the amount of property tax exemption for homeowners in 2024 and adjusts how it increases in 2025.

Reduces the homeowner property tax exemption from $3 million to $1 million for the year 2024.
In 2025, sets the exemption at 25% of a home's fair market value, but limits it to no more than $250,000.

The amendment removes previous amendments related to this bill, which may affect other parts of the bill not mentioned here.
Details about how these changes will be implemented and their full impact are not provided in the given text.

SF0054H3005

3rd reading • Representative Stith

Failed

Plain English: The amendment changes the amount of money from three million dollars to two million dollars in a homeowner property tax exemption bill.

Reduces the specified monetary limit from $3,000,000.00 to $2,000,000.00.

The exact purpose and context of this specific amount in the bill are not explained in the provided amendment text.

SF0054H3006

3rd reading • Representative Locke

Withdrawn

Plain English: This amendment removes previous amendments to the bill and changes certain dollar amounts within the bill.

Removes several previously made amendments to the bill.
Changes a limit from $3,000,000.00 to $1,000,000.00 in one part of the bill.
Deletes two lines that were added by previous committee work.
Adjusts an amount from $125,000,000.00 to $176,000,000.00.

The exact impact of removing the previous amendments is not detailed in this text.
Some parts of the bill may be unclear without understanding the removed amendments.

SF0054HS001

Standing Committee • House Revenue Committee

Adopted

Plain English: The amendment modifies the homeowner property tax exemption bill by adding an appropriation of $125 million to reimburse local governments for revenue losses due to the exemption, changing the sunset date from 2026 to 2025, and specifying how exemptions will be certified and reimbursed.

Adds a new section appropriating $125 million to cover losses in property tax revenue for local governments due to the homeowner tax exemption.
Changes the sunset date of the act from January 1, 2026, to January 1, 2025.
Specifies that county assessors must certify exemptions granted by September 1 and outlines how state funds will reimburse counties for lost revenue.

The amendment text does not provide details on the exact process of determining proportional amounts if the $125 million is insufficient to fully cover local government losses.

SF0054S2001

2nd reading • Senator Biteman

Adopted

Plain English: The amendment changes the homeowner property tax exemption to apply only to residential real property used as a primary residence starting from January 1, 2025, and sets a limit on the value of the property. It also includes a definition for 'residential real property' and adds a sunset clause.

Changes the term 'primary residences' to 'residential real property used as a primary residence'.
Increases the exemption limit from $200,000 to $300,000.
Adds a definition for 'residential real property', which includes houses, modular homes, mobile homes, and condominiums.
Includes a sunset clause that repeals the exemption on July 1, 2026.

The amendment text does not provide details about how the changes will be implemented or enforced.

SF0054S3001

3rd reading • Senator Kinskey

Adopted

Plain English: The amendment changes the homeowner property tax exemption amount for residential real estate to a maximum of $200,000 and adds requirements for county treasurers to track and report reductions in tax revenues due to this exemption.

Sets the maximum homeowner property tax exemption for residential real estate at $200,000.
Requires county treasurers to maintain records of reduced tax revenues caused by the homeowner tax exemption and report these figures to a state department.
Directs the state department to request transfers from a legislative stabilization reserve account to compensate counties for revenue losses due to the homeowner tax exemption.

The exact details on how the transferred funds will be distributed among governmental entities are not fully explained in this amendment text.

SF0054S3002

3rd reading • Senator Kinskey

Withdrawn

Plain English: The amendment adds a requirement for county treasurers to track the reduction in tax revenues due to the homeowner property tax exemption and for the state treasurer to transfer funds from the legislative stabilization reserve account to compensate counties.

County treasurers must keep records of reduced tax revenues caused by the homeowner tax exemption.
The department will compile these records, verify them, and request transfers from the legislative stabilization reserve account to cover the reduction in revenue for each county.
Funds transferred will be distributed according to existing state law.

The amendment text does not specify how the verification process works or what happens if discrepancies are found.

SF0054JC001

Conference Committee

S Adopted, H Adopted

Plain English: The amendment modifies the homeowner property tax exemption by changing eligibility criteria, removing certain provisions, and adding new funding mechanisms.

Changes the definition of eligible property from 'residential real property' to 'a single family residential structure'.
Adds a specific dollar limit on the value of property that qualifies for the exemption.
Includes detailed instructions for county treasurers and the state department regarding record-keeping, reporting, and compensation for tax revenue losses.
Appropriates $125 million from the general fund to compensate government entities for revenue lost due to the homeowner tax exemption.

The amendment text does not provide a complete overview of all changes made by deleting certain sections, which may require referencing the original bill and deleted amendments to fully understand the impact.

SF0054SS001

Standing Committee • Senate Revenue Committee

Failed

Plain English: The amendment modifies a homeowner property tax exemption bill by making changes to how exemptions are calculated and recorded.

Removes language that limited the type of properties eligible for the exemption.
Changes wording from 'up to one (1) acre' to 'associated', implying the exemption applies to all land associated with a home, not just up to an acre.
Adds new requirements for county assessors to keep detailed records and report reductions in tax liability for each homeowner receiving the exemption.

The exact impact of removing specific limits on property types is unclear without additional context.

Bill History

2024-03-22 Governor
Governor Vetoed SEA No. 0070
2024-03-08 House
H Speaker Signed SEA No. 0070
2024-03-08 Senate
S President Signed SEA No. 0070
2024-03-08 LSO
Assigned Number SEA No. 0070
2024-03-08 House
H Appointed JCC01 Members
2024-03-08 House
H Appointed JCC01 Members
2024-03-08 Senate
S Appointed JCC01 Members
2024-03-08 Senate
S Concur:Failed 0-31-0-0-0
2024-03-08 Senate
S Received for Concurrence
2024-03-07 House
H 3rd Reading:Passed 61-1-0-0-0
2024-03-06 House
H 2nd Reading:Passed
2024-03-05 House
H COW:Passed
2024-03-05 House
H Placed on General File
2024-03-05 House
H02 - Appropriations:Do Pass Failed 3-4-0-0-0
2024-03-04 House
:Rerefer to H02 - Appropriations
2024-03-04 House
H03 - Revenue:Recommend Amend and Do Pass 9-0-0-0-0
2024-02-28 House
H Introduced and Referred to H03 - Revenue
2024-02-28 House
H Received for Introduction
2024-02-27 Senate
S 3rd Reading:Passed 29-2-0-0-0
2024-02-26 Senate
S 2nd Reading:Passed
2024-02-23 Senate
S COW:Passed
2024-02-16 Senate
S Placed on General File
2024-02-16 Senate
S03 - Revenue:Recommend Amend and Do Pass 4-1-0-0-0
2024-02-12 Senate
S Introduced and Referred to S03 - Revenue 31-0-0-0-0
2024-01-24 Senate
S Received for Introduction
2024-01-17 LSO
Bill Number Assigned

Current Bill Text

Read the full stored bill text

24LSO-0187

ORIGINAL Senate

ENGROSSED
File No
.
SF0054

ENROLLED ACT NO. 70,

SENATE

SIXTY-SEVENTH LEGISLATURE OF THE STATE OF WYOMING
2024 Budget Session

AN ACT relating to taxation; establishing a homeowner property tax exemption; 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
‑
11
‑
105(a) by creating a new paragraph (xliii) and 39-13-102(k) are amended to read:

39
‑
11
‑
105.

Exemptions.

(a)

The following property is exempt from property taxation:

(xliii)

A portion of a single family residential structure as a homeowner tax exemption as provided in this paragraph. The following shall apply to this exemption:

(A)

The amount of the exemption under this paragraph shall be twenty-five percent (25%) of the fair market value of a single family residential structure, provided that the exemption shall only apply to the first two million dollars ($2,000,000.00) of the fair market value of the single family residential structure;

(B)

As used in this paragraph, "single family residential structure" means a structure intended for human habitation including a house, modular home, mobile home, townhouse or condominium that is a privately owned single family dwelling unit;

(C)

The county treasurer for each county shall keep accurate records of the reduction in tax revenues caused by the homeowner tax exemption provided for in this paragraph for the county and for each governmental entity for which a tax levy report is made pursuant to W.S. 39
‑
13
‑
104(k) and shall report that information to the department. The department shall compile and verify the information received from each county and include any reductions in the distribution of mill levies to the school foundation program account under W.S. 21-13-303.

The department shall distribute verified amounts to each county treasurer for distribution as provided in W.S. 39
‑
13
‑
111 in an amount necessary to compensate each government entity for the reduction in tax revenues from funds appropriated for that purpose. If funds appropriated by the legislature for distribution under this subparagraph are insufficient to complete all necessary distributions, there is appropriated to the department of revenue from the legislative stabilization reserve account an amount equal to the amount by which legislative appropriations are insufficient to make distributions necessary under this subparagraph for the current tax year.

The department shall transfer this legislative stabilization reserve account appropriation to each county for distribution to each government entity in an amount necessary to fully reimburse each government entity.

No appropriation from the legislative stabilization reserve account shall be authorized under this paragraph after June 30, 2026 and no appropriation under this subparagraph shall exceed one hundred million dollars ($100,000,000.00).

(D)

This paragraph is repealed on July 1, 2026 and the exemption under this paragraph shall not apply for tax year 2026 and thereafter.

39-13-102.

Administration; confidentiality.

(k)

On or before September 1, county assessors shall certify the exemptions granted pursuant to W.S. 39-11-105(a)(xxiv)
and (xliii)
to the department. On or before October 1 the state treasurer out of funds appropriated for that purpose shall reimburse each county treasurer for the amount of taxes which would have been collected if the property was not exempt. The county treasurer shall distribute the revenue to each governmental entity in the actual amount of taxes lost due to the exemption.

Section 2.

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

Section 3.

There is appropriated one hundred twenty-five million dollars ($125,000,000.00) from the general fund to the department of revenue for the purposes of reimbursing government entities, including school districts, for losses in revenue resulting from the homeowner tax exemption as provided in this act. This appropriation shall be for the period beginning with the effective date of this act and ending June 30, 2026. 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, 2026. It is the intent of the legislature that this appropriation not be included in the department's standard budget for the immediately succeeding fiscal biennium.

Section 4
.

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)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk