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26LSO-0470
2026
STATE OF WYOMING
26LSO-0470
Numbered
2.0
SENATE FILE NO. SF0086
Wyoming property tax relief authority.
Sponsored by: Senator(s) Case
A BILL
for
AN ACT relating to the administration of the government; creating the Wyoming property tax relief authority; specifying duties and powers of the authority; creating a property tax loan program; authorizing the issuance of bonds under specified conditions; requiring notice of the property tax loan program in assessment schedules; providing an appropriation; authorizing positions; and providing for effective dates.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1.
W.S. 9
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301 through 9
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307 are created to read:
ARTICLE 3
WYOMING PROPERTY TAX RELIEF AUTHORITY
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301.
Definitions.
(a)
As used in this article:
(i)
"Authority" means the Wyoming property tax relief authority;
(ii)
"Board" means the board of the Wyoming property tax relief authority;
(iii)
"Bonds" means notes, warrants, bonds, temporary bonds and anticipation notes issued by the authority under this article;
(iv)
"Financial institution" means a bank, savings and loan association, federal chartered credit union, state chartered credit union or mortgage lender;
(v)
"Homeowner" means a person who is a resident of Wyoming and who owns a home in Wyoming that serves as the person's primary residence;
(vi)
"Mortgage lender" means as defined by W.S. 9
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103(a)(ix).
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302.
Wyoming property tax relief authority; creation; composition.
(a)
Commencing July 1, 2026, there is created the Wyoming property tax relief authority, which is a body politic and corporate operating as an instrumentality of the state of Wyoming, with authority to adopt an official seal and to sue and be sued.
(b)
The authority shall be governed by a board composed of five (5) voting members appointed by the governor, with the advice and consent of the senate. Except as provided in this subsection, all voting members shall be appointed for four (4) year terms. The governor shall appoint three (3) initial voting board members to a term of four (4) years and shall appoint the remaining two (2) initial voting board members to a term of two (2) years. The governor may remove any member as provided in W.S. 9
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202. Vacancies shall be filled by appointment by the governor in accordance with W.S. 28
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101. The members shall elect from the membership a chairman and vice
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chairman. All persons appointed and serving as members of the board shall be qualified voters of the state of Wyoming.
(c)
Members of the board may receive the same per diem, expenses and travel allowance as members of the legislature under W.S. 28
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101 while in attendance at meetings of the board and while performing their duties as members of the board.
(d)
The board may appoint an executive director of the authority, who serves as the executive secretary of the board and is the chief executive officer of the authority. The executive director shall serve at the pleasure of the board. The executive director shall be an ex officio member of the board but shall not vote.
(e)
Any agency, board, commission, department or institution of the state and the governing authorities of political subdivisions may make surveys, reports and investigations, and may furnish records and information and provide other assistance and advice as the authority may require.
(f)
The authority is subject to the requirements of:
(i)
W.S. 16
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101 through 16
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105;
(ii)
W.S. 16
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201 through 16
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205, except as provided in subsection (g) of this section;
(iii)
W.S. 16
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401 through 16
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408.
(g)
Any applications or records submitted by applicants or participants in the property tax loan program established under W.S. 9
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307 shall be confidential and shall not be available for disclosure or inspection under the Public Records Act.
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303.
Purposes; budget.
(a)
The authority is created to facilitate and provide loans for Wyoming homeowners in need of assistance with paying increased property taxes.
(b)
The authority may borrow funds for the execution of the purposes of the authority as provided in W.S. 9
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305.
(c)
The authority shall not exercise the rights or powers granted to it in this section if private persons, firms or corporations are performing the acts or are providing the services authorized for the authority.
(d)
The authority shall submit its budget for review as provided by W.S. 9
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1010 through 9
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1014. Any appropriation to the authority shall be expended only for administrative purposes.
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304.
Powers of the authority.
(a)
The authority may:
(i)
Employ officers, agents and employees as it deems necessary for the performance of its duties and prescribe the powers and duties and fix the compensation of the officers, agents and employees;
(ii)
Contract, upon terms as it may agree upon, for legal, financial and other professional services necessary or expedient in the conduct of its affairs;
(iii)
Utilize the services of executive agencies of the state upon mutually agreeable terms and conditions;
(iv)
Receive by gift, grant, donation or otherwise, any sum of money, aid or assistance from the United States, the state of Wyoming, any political subdivision or any other public or private entity or any country in good standing with the United States subject to state and federal law;
(v)
Administer and manage the property tax loan program established in W.S. 9
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307. The authority may promulgate any rules necessary to administer and manage the program;
(vi)
Do any and all things necessary or proper for the development, regulation and accomplishment of the purposes of the authority within the limitations of authority granted by this article.
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305.
Bonds.
(a)
In addition to the powers otherwise granted to the authority and in order to accomplish its purposes, including the provision of funding for the property tax loan program under W.S. 9
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307, the authority shall have the power to borrow money and evidence the borrowing in the issuance and sale of bonds or other obligations of the authority, the principal and interest of which shall be payable solely out of revenues authorized to be dedicated and pledged for the payment.
(b)
Bonds issued under this section shall be solely the obligation of the authority and shall recite on their face that they do not constitute obligations of the state of Wyoming or any county, municipality or other political subdivision of the state. The bonds or other obligations shall be authorized and issued by resolution of the authority. The bonds shall be executed in the form and manner provided by the resolution authorizing their issuance. The resolution shall include:
(i)
The series of the bond or obligation;
(ii)
The date of issuance of the bond or obligation;
(iii)
The date of maturity of the bond or obligation;
(iv)
That the bond or obligation shall bear interest, and the interest rate;
(v)
The form that the bond or obligation shall be in;
(vi)
The registration and exchangeability privileges of the bond or obligation;
(vii)
The medium of payment and the place of payment of the bond or obligation;
(viii)
The terms of redemption and that the bond or obligation shall be subject to those terms;
(ix)
That the bond or obligation shall be entitled only to a priority on the revenues of the authority as the authority's resolution provides, subject to subsection (d) of this section.
(c)
The bonds or other obligations issued under this section may be sold by the authority:
(i)
At, above or below par value;
(ii)
At public or private sale;
(iii)
In a manner and from time to time as the authority determines.
(d)
Any bonds issued under this section shall only be payable from and be secured by the pledge of the revenues collected from loans issued under the property tax loan program, subject only to prior payment of any reasonable fees to financial institutions assisting in the administration of the property tax loan program. Any holder of the bonds may, by appropriate legal action, compel performance of all duties required of the authority in order to enforce payment of the bonds when due. If any bond issued under this section is permitted to go into default as to principal or interest, any court of competent jurisdiction may, pursuant to the application of the holder of the bonds, appoint a receiver who shall operate the property tax loan program and collect and distribute the revenues thereof pursuant to the provisions and requirements of the resolution authorizing the bonds.
(e)
If more than one (1) series of bonds is issued payable from the revenues of the bond proceeds, the priority of any lien on the revenues shall be as provided by the resolution authorizing the bonds.
(f)
All bonds issued under the provisions of this section shall constitute negotiable instruments within the meaning of the Uniform Commercial Code. The bonds and earnings from the bonds shall be exempt from all taxation within the state of Wyoming.
(g)
Any resolution of the authority authorizing the issuance of bonds shall be published once in a newspaper of general circulation published in Wyoming, and in a newspaper in the area where the provision of loans under this article are contemplated. For a period of thirty (30) days from the date of the publication, any person in interest may contest the legality of the resolution and of the bonds to be issued under the resolution and the provisions securing the bonds, including the validity of any loan proceeds pledged to the payment thereof. After the expiration of thirty (30) days from the date of the publication, no person shall have any right of action to contest the validity of the bonds, the validity of the security pledged to the payment thereof or the provisions of the resolution under which the bonds were issued, and all the bonds and all related proceedings shall be conclusively presumed to be legal.
(h)
The authority may authorize the issuance of bonds for the purpose of refunding, extending and unifying the whole or any part of the principal, interest and redemption premiums on any outstanding bonds issued under this article. The refunding bonds may either be sold and the proceeds applied to or deposited in escrow for the retirement of the outstanding bonds, or may be delivered in exchange for the outstanding bonds. The refunding bonds shall be authorized in all respects as original bonds are herein required or were required at the time of their issuance to be authorized. The authority, in authorizing the refunding bonds, shall provide for the security of the bonds, the sources from which the bonds are to be paid and for the rights of the holders thereof in all respects as herein provided for other bonds issued under this article. The board may also provide that the refunding bonds shall have the same or different priority of lien on the revenues pledged for their payment as was enjoyed by the bonds refunded.
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306.
Use of net revenues; legal investments; exemptions from taxation; state pledge not to impair bondholder's rights and remedies.
(a)
The authority may use and employ any net revenues derived from the property tax loan program and any bonds issued under this article and from any other source, after making the required principal and interest payments on any revenue bonds issued under this article and any other payments required by this article and any other payments provided in any resolution authorizing the issuance and sale of revenue bonds and obligations, for the property tax loan program established in W.S. 9
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307.
(b)
If the authority determines that no need for additional funding for the property tax loan program established by W.S. 9
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307 exists and after the administrative expenses of the authority are paid, net revenues derived under this article shall be paid to the state treasurer for credit to the general fund.
(c)
The bonds of the authority are legal investments that may be used as collateral for public funds of the state, insurance companies, banks, savings and loan associations, investment companies, trustees and other fiduciaries that may properly and legally invest funds in their control or belonging to them in bonds of the authority.
(d)
The exercise of the powers granted by this article constitutes the performance of an essential governmental function. Any bonds issued under this article and the earnings from the bonds shall be free from taxation of every kind by the state, municipalities and political subdivisions of the state.
(e)
The state pledges to the holders of any bonds issued under this article that the state will not limit or alter the rights vested in the authority to fulfill the terms of agreements made with the holders, or in any way impair the rights and remedies of the holders until the bonds together with the interest, with interest on any unpaid installments of interest and all costs and expenses in connection with any action or proceeding by or on behalf of the holders are fully met and discharged. The authority is authorized to include this pledge of the state in any agreement with the holders of the bonds.
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307.
Property tax loan program; requirements; authority duties.
(a)
The property tax loan program is hereby created. The authority shall manage the program in accordance with the following:
(i)
The authority shall use funds collected from the issuance of bonds and any gifts, grants and other funds received in accordance with this article to provide loans to homeowners who require assistance with paying property taxes as a result of an increase in the amount of property tax owed by the homeowner on the homeowner's primary residence;
(ii)
Any homeowner seeking a loan under the program shall submit an application on a form provided by the authority. Application may be made to the authority or to a financial institution participating in the loan program under this section;
(iii)
Loans issued to a homeowner under this section shall not exceed an amount equal to the increase in property tax on the homeowner's primary residence for the current tax year compared to the immediately preceding tax year;
(iv)
The interest charged on each loan issued under this article shall be the current equivalent yield of a United States treasury security of the same duration of the loan;
(v)
The authority may authorize an applicant to receive subsequent loans as a line of credit, provided that:
(A)
The amount of any credit extended or funds distributed under this paragraph shall not exceed an amount equal to the increase in property tax on the homeowner's primary residence for the applicable tax year compared to the immediately preceding tax year;
(B)
A line of credit issued to an applicant shall be in effect for and shall have an interest rate equal to the rate specified in paragraph (iv) of this subsection and shall have a repayment term of not more than ten (10) years. An applicant seeking future loans, additional time to repay a loan or a line of credit shall reapply as required by the authority;
(C)
An applicant seeking to utilize a line of credit shall provide an annual certification to the authority showing the applicant's need for a property tax loan.
(vi)
Loan proceeds disbursed under this section shall be disbursed directly to the recipient to be used only for the loan recipient's property taxes due on the recipient's primary residence. The recipient shall use the loan proceeds to pay property taxes not later than the deadlines specified under W.S. 39
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108(b)(i);
(vii)
Upon the issuance of a loan under this article, there shall be a lien upon the property for which the loan for property taxes was issued. The lien shall be paramount and superior to any other lien or encumbrance created after a lien is created under this paragraph;
(viii)
Loans shall be repaid under a payment plan prescribed by the authority, provided that no repayment period shall exceed ten (10) years.
(b)
The authority shall authorize financial institutions to participate in the property tax loan program under this article. Each financial institution seeking to participate shall apply to the authority on a form prescribed by the authority. The authority may disburse loan proceeds directly to a financial institution for disbursement in accordance with this section. A financial institution participating in the property tax loan program shall be entitled to receive a fee not to exceed one percent (1%) of the proceeds of each property tax loan program loan disbursed through the financial institution.
(c)
The authority and each financial institution participating in the property tax loan program shall advertise the property tax loan program in a form that, in the discretion of the authority, is likely to attract the attention of Wyoming residents.
Section 2.
W.S. 39
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103(b)(viii) is amended to read:
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, 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 exemptions under W.S. 39
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105(a)(xliii) and (xliv).
Each assessment schedule issued under this paragraph shall contain information, including contact information, of any property tax relief program authorized by state law.
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 3
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There is appropriated one hundred thousand dollars ($100,000.00) from the general fund to the Wyoming property tax relief authority created by section 1 of this act to be expended only for purposes of administrative expenses of the Wyoming property tax relief authority. This appropriation shall be for the period beginning with the effective date of this section and ending June 30, 2028. 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, 2028.
Section 4.
The governor shall make initial appointments to the Wyoming property tax relief authority by making temporary appointments under W.S. 28
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101(b), subject to W.S. 28
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101 through 28
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103.
Section 5.
After members are appointed under section 4 of this act, the Wyoming property tax relief authority board may take any action necessary to establish and to prepare to implement the property tax loan program, provided that no loan under the program shall be created, issued or disbursed before July 1, 2026.
Section 6.
(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)
Sections 1 and 2 of this act are effective July 1, 2026.
(END)
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SF0086