Bill > SF0054

This bill establishes a homeowner property tax exemption for primary residences in Wyoming. The exemption will be 25% of the fair market value of a single-family residential structure, up to the first $2 million of the fair market value. The county treasurer will keep records of the reduction in tax revenue caused by this exemption and report it to the Department of Revenue, which will then distribute funds to each county to compensate the government entities for the lost revenue. The bill appropriates $125 million from the general fund to the Department of Revenue for this purpose, and the exemption will first apply to the tax year beginning January 1, 2024. The exemption is set to be repealed on July 1, 2026.

Budget and Finance

Revenue (Joint)

https://www.wyoleg.gov/Legislation/2024/SF0054