summary
Introduced
02/16/2024
02/16/2024
In Committee
02/21/2024
02/21/2024
Crossed Over
Passed
Dead
02/23/2024
02/23/2024
Introduced Session
Potential new amendment
2024 Budget Session
Bill Summary
AN ACT relating to ad valorem taxation; establishing a property tax exemption for single family residential properties; requiring information related to the tax exemption to be included on the tax assessment schedule; providing rulemaking authority; and providing for effective dates.
AI Summary
This bill establishes a property tax exemption for single-family residential properties in Wyoming. The exemption applies to the portion of the property's fair market value that exceeds the prior year's fair market value plus 3%. For the 2025 tax year only, the prior year's fair market value used to determine the exemption will be the lesser of the actual fair market value or the 2020 fair market value plus 3% per year from 2021 to 2024. Homeowners must apply to the Department of Revenue to receive the exemption, which is not applicable in the year following the acquisition of the property. The Department of Revenue is required to adopt rules to administer the exemption by January 1, 2025, and the bill's provisions related to the exemption will take effect on that date.
Committee Categories
Budget and Finance, Justice
Sponsors (1)
Last Action
COW:S Did not consider for COW (on 02/23/2024)
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/SF0126 |
| Senate Judiciary Committee | https://wyoleg.gov/2024/Amends/SF0126SS001.pdf |
| BillText | https://www.wyoleg.gov/2024/Introduced/SF0126.pdf |
| Fiscal Note | https://www.wyoleg.gov/2024/Fiscal/SF0126.pdf |
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