SF0136

Establishes a temporary homeowner property tax exemption for single-family residential structures and appropriates funds to compensate government entities for resulting revenue losses.

• Creates a homeowner tax exemption equal to 25% of the fair market value of single-family residential structures, capped at the first $2,000,000 of fair market value. (W.S. 39-11-105(a)(xlvi)(A))
• Defines 'single family residential structure' to include houses, modular homes, mobile homes, townhouses, and condominiums that are privately owned single-family dwelling units. (W.S. 39-11-105(a)(xlvi)(B))
• Requires county treasurers to track and report reductions in tax revenues from the homeowner exemption to the Department of Revenue, which shall compile and verify the information. (W.S. 39-11-105(a)(xlvi)(C))
• Directs the Department of Revenue to distribute verified amounts to county treasurers to fully compensate all government entities for revenue losses from the exemption, subject to legislative appropriation. (W.S. 39-11-105(a)(xlvi)(C), W.S. 39-13-111)
• Establishes an automatic appropriation from the legislative stabilization reserve account to compensate for revenue losses if legislative appropriations are insufficient, with a $100,000,000 cap and sunset after June 30, 2027. (W.S. 39-11-105(a)(xlvi)(C))
• Sunsets the homeowner tax exemption on July 1, 2027, so the exemption does not apply for tax year 2027 and thereafter. (W.S. 39-11-105(a)(xlvi)(D))
• Requires county assessors to certify exemptions granted under the homeowner exemption to the Department of Revenue by September 1. (W.S. 39-13-102(k))
• Directs the state treasurer to reimburse each county treasurer by October 1 for taxes lost due to the exemption, with distribution to affected governmental entities. (W.S. 39-13-102(k))
• 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 exemption through June 30, 2027. (Sec. 3)