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25LSO-0653
2025
STATE OF WYOMING
25LSO-0653
ENGROSSED
3.0
HOUSE BILL NO. HB0169
Homeowner tax exemption-2025 and 2026.
Sponsored by: Representative(s) Locke, Bear, Brown, G, Campbell, K, Heiner, Hoeft, Johnson, Knapp, Lien, Lucas, McCann, Neiman, Pendergraft, Riggins, Smith, S, Webber and Wharff and Senator(s) Laursen, D, McKeown, Pearson and Smith, D
A BILL
for
AN ACT relating to taxation; establishing a homeowner property tax exemption; specifying applicability; providing a sunset date; providing legislative findings; providing appropriations; 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 (xlvi) and 39
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102(k) are amended to read:
39
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105.
Exemptions.
(a)
The following property is exempt from property taxation:
(xlvi)
A portion of a residential property as a homeowner tax exemption as provided in this paragraph. No person shall receive an exemption under this paragraph if the person receives an exemption under W.S. 39
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105(a)(xlv) for the same tax year. The following shall apply to this exemption:
(A)
The amount of the exemption under this paragraph shall be fifty percent (50%) of the fair market value of a residential property, provided that the exemption shall only apply to the first one million dollars ($1,000,000.00) of the fair market value of the residential property;
(B)
As used in this paragraph, "residential property" 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 by this paragraph for the county and for each governmental entity for which notification 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 shall verify any reductions in the distribution of mill levies to the school foundation program account under W.S. 21
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303. Subject to appropriation of funds by the legislature, 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 fifty percent (50%) of the reduction in tax revenues due to the exemption under this paragraph. 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 compensate each government entity for fifty percent (50%) of the reduction in tax revenues. No appropriation from the legislative stabilization reserve account shall be authorized under this paragraph after June 30, 2027 and total appropriations from the legislative stabilization reserve account under this subparagraph shall not exceed one hundred million dollars ($100,000,000.00). If funds appropriated by the legislature for distribution under this subparagraph are insufficient to complete all necessary distributions, the department shall distribute funds to each government entity on a pro rata basis;
(D)
The exemption under this paragraph shall not apply for tax year 2027 and thereafter.
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102.
Administration; confidentiality.
(k)
On or before September 1, county assessors shall certify the exemptions granted pursuant to W.S. 39
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105(a)(xxiv)
and (xlvi)
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, 2025.
Section 3.
(a)
The legislature finds that:
(i)
The property tax relief in this bill is intended to provide property tax relief in tax years 2025 and 2026;
(ii)
Nothing in this act is intended to be or shall be construed as substantially the same as any proposed law offered for initiative as provided in W.S. 22
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319(a)(iii), including the "people's initiative to limit property tax in Wyoming through a homeowner's property tax exemption."
Section 4.
There is appropriated one hundred twenty
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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, 2027. 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, 2027. 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 5.
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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HB0169