summary
Introduced
In Committee
Crossed Over
Passed
Dead
02/13/2024
02/13/2024
Introduced Session
2024 Budget Session
Bill Summary
AN ACT relating to taxation and revenue; providing for an excise tax on the sale of real property as specified; providing for distribution of the tax; requiring rulemaking; imposing criminal penalties; providing for a reduction in the property tax assessment ratio; making conforming amendments; and providing for effective dates.
AI Summary
This bill creates a real estate transfer tax in Wyoming, with a 1% tax on the portion of a real property sale that exceeds $1 million. The tax revenue is to be used to offset property taxes, with 50% retained by the county and 50% distributed to counties based on the reduction in their property tax revenue due to a decrease in the taxable value percentage. The bill also includes various exemptions, such as for transfers between family members, transfers to trusts, and transfers of agricultural land or property used for industrial purposes. The county clerk is prohibited from recording a deed until the transfer tax has been paid to the county treasurer.
Sponsors (3)
Last Action
Failed Introduction 8-53-1-0-0 (on 02/13/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.wyoleg.gov/Legislation/2024/HB0112 |
| BillText | https://www.wyoleg.gov/2024/Introduced/HB0112.pdf |
| Fiscal Note | https://www.wyoleg.gov/2024/Fiscal/HB0112.pdf |
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