HB0169

Establishes a homeowner property tax exemption for 2025 and 2026 that exempts 50% of residential property value up to $1,000,000 from property taxation, with appropriations to reimburse government entities for revenue losses.

• Creates a homeowner tax exemption exempting 50% of the fair market value of residential property, limited to the first $1,000,000 of property value. (W.S. 39-11-105(a)(xlvi)(A))
• Defines 'residential property' as a privately owned single family dwelling unit including houses, modular homes, mobile homes, townhouses, or condominiums intended for human habitation. (W.S. 39-11-105(a)(xlvi)(B))
• Requires county treasurers to track revenue reductions from the exemption and report to the department, which compiles the data and distributes state funds to compensate government entities for 50% of lost tax revenues. (W.S. 39-11-105(a)(xlvi)(C), W.S. 39-13-102(k))
• Authorizes appropriations from the legislative stabilization reserve account to cover compensation shortfalls, capped at $100,000,000 and only authorized through June 30, 2027. (W.S. 39-11-105(a)(xlvi)(C))
• Makes the exemption apply only to tax years 2025 and 2026, with no application for tax year 2027 and thereafter. (W.S. 39-11-105(a)(xlvi)(D))
• Appropriates $125,000,000 from the general fund to the department of revenue to reimburse government entities and school districts for revenue losses from the homeowner tax exemption through June 30, 2027. (Section 4)
• Specifies that the exemption first applies to the tax year beginning January 1, 2025. (Section 2)

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

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