Homeowner property tax exemption.

Plain English: The amendment removes references to 'improved land' in the homeowner property tax exemption bill.

• Removes 'and the associated improved land' from page 1, line 16 of the original bill.
• Deletes text after 'structure' on page 2, line 6 of the original bill.
• Eliminates 'associated improved land' at page 2, line 7 of the original bill.
• Removes 'and associated improved land' from page 2, line 10 of the original bill.

• The exact impact on property tax exemptions is unclear without additional context about what constitutes 'improved land'.

Plain English: The amendment changes the maximum property value eligible for a homeowner tax exemption from one million dollars to five hundred thousand dollars.

• Reduces the maximum property value that qualifies for the homeowner property tax exemption from $1,000,000.00 to $500,000.00.

Plain English: The amendment adds a requirement that homeowners must occupy their property for at least eight months each year to qualify for a new homeowner property tax exemption starting in the 2026 tax year.

• Adds an occupancy requirement of at least eight months per year for homeowners to be eligible for the property tax exemption beginning in 2026.

• The amendment does not specify what happens if a homeowner fails to meet the occupancy requirement after 2025.

Plain English: The amendment adds a new section to ensure that government entities, including school districts, are compensated for any loss in revenue due to the homeowner property tax exemption through an appropriation of $100 million from the general fund.

• Adds requirements for county treasurers and the department to keep records and report reductions in tax revenues caused by the homeowner tax exemption.
• Specifies that the Department of Revenue will distribute funds to compensate government entities if legislative appropriations are insufficient, using a reserve account up to $100 million until June 30, 2027.
• Appropriates $100 million from the general fund to the Department of Revenue for reimbursing government entities for revenue losses due to the homeowner tax exemption.

• The amendment text does not specify how the distribution will be calculated or what happens if the reserve account is exhausted before June 30, 2027.

Plain English: The amendment adds a new section to allocate $100 million from the general fund to reimburse government entities for revenue losses due to a homeowner property tax exemption, with specific conditions on how this money can be used and when it expires.

• Adds an appropriation of $100 million from the general fund to help cover revenue losses that local governments might face because of the new homeowner property tax exemption.
• Specifies that this funding is only for a period starting with the act's effective date until June 30, 2027.
• Clarifies that any leftover funds after this period will be returned as required by law.

• The amendment text does not provide details on how local governments will apply for or receive these reimbursements.

Plain English: The amendment adds a new section to the bill that requires county treasurers to track how much money is lost due to property tax exemptions for homeowners, report this information to the state department of revenue, and ensures that government entities are compensated for these losses from special funds if needed.

• Adds requirements for county treasurers to keep records on reductions in tax revenues caused by homeowner property tax exemptions.
• Specifies that the state department of revenue must compile and verify this information and distribute compensation to governmental entities from special funds if necessary.

• The amendment includes complex financial details about fund transfers and appropriations that are hard to summarize simply.

Plain English: The amendment removes previous changes and updates language related to property tax exemptions, reporting requirements, and effective dates.

• Removes provisions about a sunset date and adds new requirements for reporting and rulemaking.
• Changes the basis of exemption from fair market value to an increase in assessed valuation from 2019 to 2024.
• Adds specific exemptions for single-family residential structures built during or after 2019, with a limit on the amount of the exemption.
• Includes new sections requiring the department of revenue to calculate and publish average increases in assessed valuation and promulgate rules necessary for implementing the act.

• The amendment text does not provide full details about all changes it makes, such as specific impacts on property tax exemptions or reporting requirements.
• Some technical language may be difficult to understand without additional context.

Plain English: The amendment adds a provision that allows active-duty members of the armed forces, who are deployed outside the state, to claim a homeowner property tax exemption without having to live in their single-family home for at least eight months.

• Adds an exception to the requirement that a person must occupy a single family residential structure for not less than eight (8) months of the applicable tax year to claim an exemption.

• The amendment only applies to active-duty members of the armed forces who are deployed outside the state and does not provide details on how this exception will be verified or enforced.

Plain English: The amendment changes the percentage of property tax exemption for homeowners from fifty percent to twenty-five percent.

• Reduces the homeowner property tax exemption rate from 50% to 25%

• The amendment text does not provide additional details about how this change will affect existing or future property tax exemptions.

Plain English: The amendment changes how much property tax exemption homeowners can get and adds rules about reporting and calculating the increase in home value.

• Removes a sunset date for the homeowner property tax exemption and replaces it with requirements for reporting and rulemaking.
• Changes the calculation of the exemption from fifty percent of fair market value to an increase in assessed valuation from 2021 to 2024.
• Limits the exemption amount to not exceed two million dollars ($2,000,000.00) for single family residential structures constructed during or after 2021.
• Adds a new section requiring the department of revenue to calculate and publish the average increase in assessed valuation for residential properties from 2021 through 2024.

• The amendment text does not provide full details on how the reporting requirements will be implemented or what specific rules will be made.
• Some parts of the original bill are deleted, but their exact content is not provided in this amendment, making it hard to understand all changes.

Plain English: The amendment modifies the bill to establish a homeowner property tax exemption and includes provisions for funding and record-keeping.

• Adds language providing an appropriation in the bill's title.
• Inserts new paragraphs into existing law regarding investment earnings spending policy permanent funds, creating a reserve account with specific transfer requirements.
• Reduces the percentage from fifty percent (50%) to twenty-five percent (25%).
• Includes provisions for county treasurers and the department of revenue to keep records and report reductions in tax revenues due to the homeowner tax exemption.

• The amendment text is complex, and some technical details may be difficult to interpret without additional context.
• Specific financial impacts are not fully detailed within the provided amendment text.

Plain English: The amendment changes the requirement for how long a homeowner must occupy their property to qualify for a tax exemption, replacing an eight-month period with a specific time frame defined by Wyoming state law.

• Replaces 'eight months of occupancy' with 'the time specified for occupancy as provided in W.S. 39-11-105(a)(xliv)(C)(II)'

• The exact duration specified by Wyoming state law (W.S. 39-11-105(a)(xliv)(C)(II)) is not provided, so the specific time frame for occupancy is unknown.

Plain English: The amendment changes how property tax exemptions are calculated by replacing 'assessed valuation' with 'market value' and adds a limit on the increase in market value.

• Replaces 'assessed valuation' with 'market value' for determining homeowner property tax exemption eligibility.
• Adds a new clause that limits the increase in market value to $2 million.

• The amendment text does not provide details on how the change from assessed valuation to market value will affect overall property tax exemptions or other specifics of the bill's implementation.

Plain English: The amendment modifies the homeowner property tax exemption by specifying that for tax year 2025, the exemption amount will be based on a percentage increase in market value and applies to properties up to $2 million.

• For tax year 2025, the exemption amount is set at twenty-five percent (25%) of the average county percentage increase in market value between 2020 and 2024 for single family residential structures and associated improved land.
• The exemption applies only to properties valued up to $2 million.
• For tax year 2026 and beyond, the language is adjusted to use 'average county percentage' instead of a fixed rate.

• Some parts of the amendment text are technical and may be hard to understand without additional context about previous amendments.

Plain English: The amendment changes how much property tax exemption homeowners can get in 2025 and beyond, based on a percentage increase in market value rather than assessed valuation.

• For the year 2025, the homeowner property tax exemption will be set at 25% of the average county percentage increase in market value between 2020 and 2024, limited to $1 million of fair market value.
• The amendment also changes 'a' to 'an owner-occupied' and adjusts references from '2019' to '2020'.
• It limits the exemption amount to one million dollars ($1,000,000.00) instead of two million dollars.
• The amendment removes previous amendments related to this section.

• Some parts of the amendment text are technical and may be hard for a general reader to understand fully without additional context.

Plain English: The amendment changes how much property tax exemption homeowners can get in 2025 and beyond, based on a percentage increase in market value.

• For tax year 2025, the exemption amount will be 25% of the average county percentage increase in market value between 2020 and 2024, but only up to $500,000 of the property's fair market value.
• The amendment also changes how the exemption is calculated for tax year 2026 and beyond, making it based on an average county percentage increase in market value instead of a fixed rate.
• It specifies that the property must be owner-occupied to qualify for the exemption.

• The amendment removes previous amendments related to this bill, which may affect how earlier provisions were intended to work.

Plain English: The amendment modifies the bill to specify new tax assessment rates for residential real property in Wyoming, with a lower rate for owner-occupied primary residences starting from January 1, 2027.

• Adds a definition of 'taxable value' for residential real property, setting it at 9.5% of fair market value except for owner-occupied primary residences which will be taxed at 8.3% starting in 2027.
• Defines an 'owner occupied primary residence' as residential real property with a fair market value not exceeding $5 million where the owner resides for at least six months of the tax year.
• Specifies that 'residential real property' includes dwellings designed to house up to three families and associated land, including single family homes or individual condominium units used as primary residences.

• The amendment text does not provide details on how these changes will be implemented or enforced.
• It is unclear what the impact of these changes will be on property owners who do not qualify for the lower tax rate.

Plain English: The amendment changes the percentage of property tax exemption for homeowners from fifty percent to twenty-five percent.

• Changes the homeowner property tax exemption rate from 50% to 25%.

• The amendment removes several previous amendments, but does not provide details about what those changes were.

Plain English: The amendment proposes to remove an existing part of the bill that was previously added during a previous stage of review.

• Removes the fourth Locke second reading amendment (SF0069H2004.02/ACE) from the bill.

• The exact content and impact of the removed amendment are not provided, making it hard to explain specific changes or effects.

Plain English: The amendment changes the percentage of homeowner property tax exemption based on the average property tax increase in the county from 2020 to 2024.

• Reduces the homeowner property tax exemption rate to fifteen percent (15%) unless the average property tax increase in the county was twenty-five percent (25%) or more, then it would be twenty-five percent (25%).

• The amendment removes several previous amendments without providing their details, so we do not know what those specific changes were.

Plain English: The amendment removes references to 'associated improved land' in the bill text.

• Removes the phrase 'and the associated improved land' from page 1, line 16 of the bill.
• Deletes the word 'and the' from page 2, line 6 of the bill.
• Eliminates the phrase 'associated improved land' from page 2, line 7 of the bill.
• Removes the phrase 'and associated improved land' from page 2, line 10 of the bill.

• The amendment does not provide additional context about why these specific phrases are being removed or what impact this will have on the overall meaning and implementation of the homeowner property tax exemption.

Plain English: The amendment requires county treasurers to report tax revenue reductions due to the homeowner property tax exemption, mandates the state department of revenue to compensate government entities for these losses from a specific fund, and appropriates $125 million for this purpose.

• Requires county treasurers to record and report reductions in tax revenues caused by the homeowner property tax exemption.
• Establishes that the state department of revenue will distribute funds to compensate government entities for these revenue losses from a legislative stabilization reserve account, with specific limits on distribution amounts and timing.
• Appropriates $125 million from the general fund to the department of revenue for reimbursing government entities for revenue losses due to the homeowner tax exemption.

• The amendment does not specify how the reporting requirements will be implemented or verified beyond what is stated.
• Details on the exact process and criteria for distributing funds from the legislative stabilization reserve account are not provided in this text.

Plain English: The amendment removes previous amendments and modifies the bill to establish specific conditions for a homeowner property tax exemption, including a contingent sunset date and a new percentage-based exemption amount starting in 2027.

• Removes several previously adopted amendments from the bill.
• Adds 'contingent' before the sunset date of the exemption.
• Specifies that for tax years 2025 and 2026, certain conditions apply without specifying them in detail.
• Establishes a new exemption amount starting in 2027 at 25% of the fair market value up to $1 million.

• The exact details of previous amendments being removed are not provided and thus cannot be explained further.
• Specific conditions for tax years 2025 and 2026 are mentioned but not detailed in this amendment text.

Plain English: The amendment modifies the homeowner property tax exemption bill by adding reporting requirements and funding provisions for compensating affected entities.

• Adds new language requiring county treasurers to report reductions in tax revenues due to the homeowner tax exemption.
• Specifies that the Department of Revenue will distribute funds from a legislative stabilization reserve account to compensate government entities for revenue losses, with limits on total appropriations and time frame.
• Reduces the percentage of funding available for certain purposes from 50% to 25%.
• Decreases the initial funding amount from $1 million to $500,000.

• The amendment text does not fully explain all aspects of the changes it proposes, particularly regarding the exact mechanics and impacts of transferring funds.
• Some technical details about fund transfers and reporting requirements are complex and may require further clarification.

Plain English: The amendment removes several previous amendments and adds provisions for funding local governments through a sales tax, creating a new reserve fund, adjusting appropriations, and reporting requirements related to property tax exemptions.

• Removes multiple previously proposed amendments from the bill.
• Adds language providing a sales and use tax to fund local governments due to decreased revenue from property tax exemption.
• Creates a permanent Wyoming mineral trust fund reserve account with specific investment and transfer rules.
• Adjusts appropriations for reporting reductions in tax revenues caused by homeowner tax exemptions.

• The amendment text is complex, involving multiple legal references that may require further context to fully understand the implications of each change.

Plain English: The amendment removes previous amendments and adds new provisions related to funding local governments through a sales tax and creating a reserve fund from mineral trust earnings.

• Removes several previously proposed amendments to the bill.
• Adds language providing for a sales and use tax to fund local governments due to decreased property tax revenue.
• Establishes a permanent Wyoming mineral trust fund reserve account with specific investment and transfer rules.

• The amendment text is complex, involving multiple legal references that may require further context to fully understand the implications.
• Some parts of the amendment are incomplete or cut off, making it difficult to provide a complete summary.

Plain English: The amendment modifies the homeowner property tax exemption bill by adding requirements for reporting and transferring funds, as well as setting limits on future appropriations from a specific reserve account.

• Adds provisions requiring county treasurers to keep records of reduced tax revenues due to the homeowner tax exemption and report this information to the department.
• Specifies that the department must compile and verify these reports and distribute funds to compensate government entities for revenue losses, subject to appropriation by the legislature.
• Establishes a limit on total appropriations from the legislative stabilization reserve account under this provision, not exceeding $220 million by 2027.

• The amendment text does not specify how the homeowner property tax exemption will be implemented or what specific changes it makes to existing law beyond these reporting and funding requirements.

Plain English: The amendment modifies a bill to establish a new sales and use tax to fund local governments affected by property tax exemptions.

• Adds language to provide funding through a sales and use tax to compensate for revenue lost due to the homeowner property tax exemption.
• Modifies existing sections of law to create additional sales and use taxes, with rates that can be adjusted based on certain conditions.
• Establishes a new 'property tax reduction and replacement account' to hold funds collected from these new taxes.

• The full extent of the amendment's impact is not fully detailed in the provided text.
• Some parts of the amendment are incomplete or unclear, such as references to subsections that may be missing or incorrectly referenced.

Plain English: The amendment changes the percentage of homeowner property tax exemption based on the average property tax increase in the county over a specific period.

• Changes the maximum homeowner property tax exemption from fifty percent (50%) to fifteen percent (15%), or twenty-five percent (25%) if the average property tax increase in the county from 2020 to 2024 was twenty-five percent (25%) or more.

• The amendment text does not provide details on how the exemption will be applied for counties with different levels of property tax increases, which may leave some uncertainties for homeowners in those areas.

Plain English: The amendment changes the homeowner property tax exemption to be 100% instead of 50%, adds a $250 million appropriation for government entities affected by this change, and adjusts section numbering.

• Changes the homeowner property tax exemption from fifty percent (50%) to one hundred percent (100%).
• Appropriates two hundred fifty million dollars ($250,000,000.00) for government entities, including school districts, to cover revenue losses due to the new exemption.
• Adjusts section numbering by changing 'Section 3' to 'Section 4'.

• The amendment text does not provide details on how the full repeal of previous amendments will affect the bill's overall structure and content.

Plain English: The amendment removes previous amendments and adds new provisions for a grant program funded by $72 million to help counties with reduced residential property tax assessments.

• Adds an appropriation of $72 million from the general fund to the Department of Revenue for grants to qualifying counties.
• Establishes a grant application process where up to half of the funds can be used to restore revenue lost due to reductions in residential property tax assessments starting from tax year 2025.
• Specifies that only certain counties and cities with low total assessed valuations and maximum mill levies are eligible for grants.

• The amendment text does not provide detailed information on how the grant application process will be administered or specific criteria for distributing funds beyond what is stated.

Plain English: The amendment removes the first line of text from page 1 of the bill, which is about establishing a homeowner property tax exemption.

• Removes the initial wording on page 1 that introduces the homeowner property tax exemption.

• It's unclear what specific content was removed and how this affects the rest of the bill.
• The exact impact of removing this line is not specified in the amendment text.

Plain English: The amendment adds a new section that requires the state to compensate local government entities for half of any lost tax revenue due to a homeowner property tax exemption, using funds from a reserve account if necessary.

• Adds requirements for county treasurers to track and report reductions in tax revenues caused by the homeowner tax exemption.
• Specifies that the state department must verify these reports and distribute funds to compensate government entities for half of their lost revenue.
• Sets up an emergency fund from a legislative reserve account if regular funding is insufficient, with limits on total spending and time frame.

• The amendment's text does not specify how the homeowner property tax exemption works or its full impact on local governments beyond compensation for lost revenue.
• Details about the pro rata distribution method when funds are insufficient are included but may be complex to understand without additional context.

Plain English: The amendment removes a previous committee's changes, adds provisions for sales and use taxes to fund local governments due to decreased property tax revenue, and sets up an inflation-adjusted homeowner property tax exemption starting in 2027.

• Removes the Geringer committee of the whole amendment (SF0069HW001/AE).
• Adds a sales and use tax to provide funding for local governments due to decreased revenue from the new homeowner property tax exemption.
• Establishes an inflation-adjusted homeowner property tax exemption starting in 2027, with the initial amount set at $1 million.
• Creates provisions for distributing funds collected through these taxes into a newly created 'property tax reduction and replacement account' to support local governments.

• The exact impact on local government budgets is not fully detailed in this amendment text.
• Some technical details about the implementation of the sales and use tax are omitted or unclear from the provided text.

Plain English: The amendment removes certain provisions from the bill, including a sunset date and specific dollar amounts, and adds new sections to create sales and use taxes to fund local governments due to decreased property tax revenue.

• Removes language about a sunset date for the homeowner property tax exemption.
• Changes the amount of the property tax exemption from one million dollars to six hundred thousand dollars and allows it to be adjusted annually based on inflation starting in tax year 2027.
• Adds new sections to create additional sales and use taxes, with rates that can vary depending on certain conditions, to fund local governments due to decreased revenue from the property tax exemption.

• The amendment text is complex and includes many technical details about tax codes which are not fully explained here.
• Some parts of the amendment may be unclear or require additional context for full understanding.

Plain English: The amendment removes previous amendments, modifies the property tax exemption amount, adds a sales and use tax to fund local governments, and creates mechanisms for distributing funds from these taxes.

• Removes previously proposed amendments related to property tax exemptions.
• Changes the maximum property tax exemption amount from $1 million to $500,000 and allows it to increase annually based on inflation or a fixed rate of 2%.
• Adds a new sales tax and use tax starting July 1, 2025, with rates that can be adjusted by the governor or reduced if certain conditions are met. The revenue from these taxes will go into a property tax reduction and replacement account to fund local governments affected by the decrease in property tax revenue.
• Establishes rules for distributing funds from the new sales and use taxes to counties and governmental entities based on their loss of property tax revenue.

• The exact impact of removing previous amendments is not detailed, as those amendments are deleted without specifying what they contained.
• Details about how the governor can adjust the additional tax rate are technical and may require further explanation for clarity.

Plain English: The amendment removes language about a sunset date and specific details from an existing bill that aims to establish a homeowner property tax exemption.

• Removes the phrase 'providing' from the beginning of the bill's title.
• Deletes text mentioning a sunset date from the bill.
• Eliminates certain lines containing detailed provisions added by another amendment.

• The exact nature and impact of the deleted details are not fully explained in the provided amendment text, making it unclear what specific changes these deletions will have on the homeowner property tax exemption.

Plain English: The amendment adds a condition that people cannot get both the new homeowner property tax exemption and another specific existing tax exemption for the same property in the same tax year.

• Adds language to prevent individuals from receiving both the new homeowner property tax exemption and an existing tax exemption (paragraph (xlv)) on the same property during the same tax year.

• The amendment does not specify what paragraph (xlv) of this subsection entails, so details about that specific tax exemption are unknown.

Plain English: This amendment modifies the original bill by adding eligibility requirements for counties and entities based on assessed valuation limits, and adjusting financial figures within the bill.

• Adds a requirement that only counties with an assessed valuation of $850 million or less are eligible to participate in the homeowner property tax exemption program.
• Inserts 'eligible' before references to counties and entities where applicable, ensuring they meet the new eligibility criteria based on county size.
• Reduces the financial threshold from $100 million to $50 million for certain provisions within the bill.

• The amendment text does not specify how the eligibility of counties and entities will be determined beyond the assessed valuation limit.

Plain English: The amendment removes a previous committee's proposed changes to SF0069.

• Removes the fourth amendment made by the McKeown, et al. committee of the whole.

• This action does not specify what was in the removed amendment or how its deletion affects other parts of the bill.

Plain English: The amendment changes the amount of tax revenue that is reimbursed to counties for property tax exemptions from fully covering the loss to only covering twelve and one-half percent (12.5%) of the reduction in tax revenues, and adjusts certain dollar amounts.

• Changes the reimbursement rate for property tax exemptions from full coverage to 12.5% of the reduction in tax revenues.
• Reduces the maximum amount available for reimbursement from $100 million to $12.5 million.
• Adjusts the total funding limit for certain provisions from $125 million to $15.625 million.

• The amendment text does not provide details on how these changes will affect specific counties or taxpayers, which may be important but are not covered here.

Plain English: The amendment changes the percentage of property tax exemption for homeowners from twenty-five percent to fifty percent.

• Changes the homeowner property tax exemption rate from 25% to 50%.

Plain English: The amendment adds a provision to allow homeowners to voluntarily pay their full property tax amount, even if they are eligible for an exemption.

• Adds language that allows taxpayers who qualify for the homeowner property tax exemption to still choose to pay the full amount of property taxes due without the exemption.

• The amendment does not specify how or when homeowners can opt to pay their full property taxes instead of using the exemption, which may require additional clarification.

Plain English: The amendment removes specific sections of the bill text related to funding details, certain legal references, and other parts of the proposed homeowner property tax exemption act.

• Removes language about providing an appropriation from the bill's title.
• Deletes a reference to another section of law in the main body of the bill.
• Eliminates several sections of text on pages 2 through 5, which contain details that are no longer needed or relevant.
• Adjusts numbering and labels within the remaining text for clarity.

• The exact nature and content of the deleted sections is not provided in the amendment text, so their specific impacts cannot be detailed here.

Plain English: The amendment removes language about a sunset date and certain provisions from an act related to establishing a homeowner property tax exemption.

• Removes the phrase 'providing' at the beginning of the bill's title.
• Deletes the mention of a sunset date in the bill.
• Eliminates specific lines that were previously added by another amendment.

• The exact nature and content of the deleted provisions are not fully described, making it unclear what specific changes these deletions will have on the homeowner property tax exemption.

Plain English: The amendment changes the amount of property value eligible for a homeowner tax exemption from two million dollars to one million dollars.

• Reduces the maximum property value eligible for the homeowner property tax exemption from $2,000,000.00 to $1,000,000.00.

Plain English: The amendment changes the percentage of a homeowner property tax exemption from twenty-five percent to fifty percent.

• Changes the homeowner property tax exemption rate from 25% to 50%.

Plain English: The amendment adds a rule that stops homeowners from getting more than one property tax exemption for the same house and land.

• Adds a new subsection (c) to limit each homeowner to only one property tax exemption per single family residential structure and its associated improved land.

• The amendment text does not specify what happens if someone already has multiple exemptions before this rule is applied, or how it affects existing homeowners with different types of properties.

Plain English: The amendment removes certain provisions from the bill and changes the percentage of property tax exemption for homeowners while adding new requirements starting in 2026.

• Removes specific sections related to a sunset date and other details from the original bill.
• Changes the homeowner property tax exemption rate from fifty percent (50%) to twenty-five percent (25%).
• Adds new rules for claiming the exemption starting in 2026, requiring homeowners to live in their single family residential structure for at least eight months of the year.
• Includes an exception for active duty members of the armed forces who cannot meet the residency requirement due to service.

• The exact impact and details of removed sections are not fully explained, so some context is lost without knowing those parts of the bill.

Plain English: The amendment removes certain sections of the bill that deal with sunset dates, appropriations, and specific details about property tax exemptions.

• Removes language related to a sunset date and an appropriation from the original bill text.
• Modifies references to specific legal codes in the bill.
• Deletes entire pages and lines containing detailed provisions of the homeowner property tax exemption.

• The amendment does not provide details about what was deleted, making it hard to understand exactly which parts of the original bill are removed or modified.