Bill > HB0118

This bill proposes a significant change to how residential properties are taxed in Wyoming, aiming to replace some of the property tax revenue lost by local governments due to this change with a new sales and use tax. Specifically, it redefines "taxable value" for residential real property to be zero percent of its fair market value, meaning homeowners would no longer pay property taxes on their primary residences, which are defined as dwellings for up to three families. To offset this reduction in local government revenue, the bill imposes an additional two percent sales and use tax, effective April 1, 2027, on most transactions, with an exemption for industrial facilities undergoing permitting and construction. The revenue generated from this new tax will be deposited into a newly created "property tax reduction and replacement account" and distributed to counties to reimburse them for the lost property tax revenue from residential properties, with any remaining funds to be reviewed annually by the legislature for potential direct distribution to local governments. This entire act is contingent on the passage of a constitutional amendment and has specific effective dates, with the property tax changes taking effect on January 1, 2027, and the new sales and use tax beginning on April 1, 2027.

Revenue (Joint)

https://www.wyoleg.gov/Legislation/2026/HB0118