Property tax-homeowner's exemption.

24LSO-0080
2024
STATE OF WYOMING
24LSO-0080
Numbered
2.0

SENATE FILE NO. SF0121

Property tax-homeowner's exemption.

Sponsored by: Senator(s) Kinskey, Baldwin, Dockstader and Hutchings and Representative(s) Andrew, Angelos, Crago, Davis and Heiner

A BILL

for

AN ACT relating to taxation; establishing a homeowner's property tax exemption for primary residences; providing a penalty for false claims; providing a conforming appropriation from the legislative stabilization account; providing for rulemaking; 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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11
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105(a) by creating a new paragraph (xliii) is amended to read:

39
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105.

Exemptions.

(a)

The following property is exempt from property taxation:

(xliii)

A portion of property used as a primary residence as a homeowner's exemption. The following shall apply to the homeowner's exemption:

(A)

For property used as a primary residence, up to three hundred thousand dollars ($300,000.00) of the total fair market value of the property as a homeowner's exemption. Not more than one (1) homeowner's exemption shall apply to the same property in any one (1) year and no owner shall claim more than one (1) homeowner's exemption in any one (1) year, including property with a family dwelling that houses more than one (1) family. To claim a homeowner's exemption the property owner shall:

(I)

Have been a resident of this state for not less than five (5) years prior to claiming an exemption under this paragraph and shall have resided in the applicable primary residence for not less than nine (9) months of the immediately preceding tax year;

(II)

Submit a sworn claim to the county assessor not later than the fourth Monday in May on forms provided by the department of revenue demonstrating that the person is the owner of the property and that the property is the person's primary residence. False claims are punishable as provided by W.S. 6
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303.

(B)

After filing a sworn claim pursuant to subparagraph (A) of this paragraph, in subsequent years the claimant shall remain qualified for the homeowner's exemption provided by this paragraph if the claimant contacts the assessor's office by telephone, mail or other communication method on or before the fourth Monday in May and confirms that the claimant continues to meet the requirements set forth in this paragraph;

(C)

The county treasurer for each county shall keep accurate records of the reduction in tax revenues caused by the homeowner's exemption provided by this paragraph for the county and for each governmental entity for which a tax levy is made pursuant to W.S. 39
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104(k) and shall report that information to the department. The department shall compile and verify the information received from each county and shall request that the state treasurer transfer the required amount from the legislative stabilization reserve account, subject to the availability of funding. The department shall distribute the appropriate amount to each county treasurer who shall distribute the funds as provided in W.S. 39
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111;

(D)

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

(E)

As used in this paragraph "owner" means any of the following provided that no other person who may qualify as an owner or joint owner shall apply for a homeowner's exemption for the same property in the same year:

(I)

A person who occupies and owns a primary residence either solely or jointly with other owners;

(II)

A person who occupies a primary residence as a vendee in possession under a contract of sale; or

(III)

A person who occupies a primary residence owned by a business entity primarily formed for the purpose of farming or ranching if the person is a shareholder or partner of the business entity or is related to a shareholder or partner of the business entity.

Section 2
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This act is effective January 1, 2025
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(END)

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SF0121