Property tax exemption-residential structures-2.

24LSO-0470
2024
STATE OF WYOMING
24LSO-0470
Numbered
2.0

SENATE FILE NO. SF0063

Property tax exemption-residential structures-2.

Sponsored by: Senator(s) Nethercott, Anderson, Barlow, Cooper, Driskill and Schuler and Representative(s) Allred, Banks, Berger, Byron, Conrad, Crago, Harshman, Henderson, Larsen, L, Larson, JT, Lawley, Newsome, Niemiec, Oakley, Sommers, Stith, Walters, Western, Wylie and Zwonitzer, Dn

A BILL

for

AN ACT relating to taxation; establishing a property tax exemption for single family residential structures based on the prior year assessed value; 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 a single family residential structure. 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 single family residential structure that is in excess of the prior year assessed value plus five percent (5%);

(B)

The exemption under this paragraph is not applicable and the property shall be valued at full value if:

(I)

The increase in value is attributable to structural changes to the single family residential structure including new construction or additions to an existing structure; or

(II)

The owner acquired the property during the prior calendar year.

(C)

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

(D)

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.

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 a single family residential structure, an estimate of the taxes that will be avoided if the property is eligible for 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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SF0063