SF0126 Property tax exemption-inflation cap 2.

Plain English Breakdown

The bill did not pass in the session it was introduced.

Property Tax Exemption for Single Family Homes

This bill establishes a property tax exemption for single family residential properties in Wyoming and requires the Department of Revenue to include information about this exemption on tax assessment schedules.

What This Bill Does

Establishes an exemption from property taxes for single family homes based on how much their value has increased over the previous year, plus three percent.
Requires owners of single family homes to apply for the exemption with the Department of Revenue using forms provided by the department.
Limits the exemption so that it only applies to one home per owner and requires them to specify which property they are seeking the exemption for if they own more than one eligible property.
Requires tax assessment schedules to include information about the estimated taxes that will be exempt if a single family residential property qualifies under this new law.

Who It Names or Affects

Owners of single family homes in Wyoming who meet the criteria for the exemption.
The Department of Revenue, which must create rules and forms for applying for the exemption and include information about it on tax assessment schedules.

Terms To Know

Single Family Residential Property: A structure intended for human habitation such as a house, modular home, mobile home or condominium that is privately owned and used as a single family dwelling unit, along with its associated land and outbuildings.
Exemption: An exclusion from paying all or part of a tax on certain property or income.

Limits and Unknowns

The bill did not pass in the session it was introduced.
It is unclear how many single family home owners will qualify for and apply for this exemption.
The Department of Revenue must create rules to implement this act, but these rules have not been made yet.

Current Bill Text

Read the full stored bill text

24LSO-0514
2024
STATE OF WYOMING
24LSO-0514
Numbered
2.0

SENATE FILE NO. SF0126

Property tax exemption-inflation cap 2.

Sponsored by: Senator(s) Dockstader

A BILL

for

AN ACT relating to ad valorem taxation; establishing a property tax exemption for single family residential properties; requiring information related to the tax exemption to be included on the tax assessment schedule; providing rulemaking authority; and providing for effective dates.

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) and 39
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13
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103(b)(viii) are amended to read:

39
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11
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105.

Exemptions.

(a)

The following property is exempt from property taxation:

(xliii)

A portion of the taxable value of single family residential properties. The following shall apply to the exemption under this paragraph:

(A)

Subject to subparagraphs (B) and (C) of this paragraph, the amount of the exemption under this paragraph shall be equal to any fair market value of the property that is in excess of the prior year fair market value of the single family residential property plus three percent (3%) of that value. For the tax year beginning January 1, 2025 only and notwithstanding subparagraph (C) of this paragraph, the prior year fair market value used to determine the exemption under this paragraph shall be the lesser of the actual fair market value of the property or the fair market value of the property in 2020 plus three percent (3%) per year for each tax year from 2021 through 2024;

(B)

To receive an exemption under this paragraph, the owner of the single family residential property shall apply to the department of revenue on forms and in a manner determined by the department. If a taxpayer owns more than one (1) single family residential property in this state, the exemption shall only apply to one (1) single family property and the taxpayer shall inform the department of which property the taxpayer is seeking the exemption for;

(C)

The exemption under this paragraph is not applicable and the property shall be valued at full value for one (1) tax year in the year following the year that the taxpayer acquired the property. In subsequent tax years the exemption under this paragraph shall apply until a new taxpayer acquires the property as provided in this subparagraph;

(D)

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

(E)

As used in this paragraph, "single family residential property" means a structure intended for human habitation including a house, modular home, mobile home or condominium that is a privately owned single family dwelling unit, the associated improved land and other structures associated with the residential structure including garages, sheds and other outbuildings.

39
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13
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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 property, an estimate of the taxes that will be exempt if the property is eligible for the exemption under W.S. 39
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11
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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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13
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109(b)(i);

Section 2
.

The department of revenue shall adopt rules necessary to implement this act not later than January 1, 2025.

Section 3
.

(a)

Except as provided in subsection (b) of this section, 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.

(b)

Section 1 of this act is effective January 1, 2025
.

(END)

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SF0126

Property tax exemption-inflation cap 2.