SF0086

Creates the Wyoming Property Tax Relief Authority to administer a property tax loan program for homeowners experiencing increased property taxes, funded through bond issuance.

• Establishes the Wyoming Property Tax Relief Authority as a state instrumentality governed by a five-member board appointed by the governor with senate confirmation, with staggered four-year and two-year terms. (W.S. 9-7-302, Sec. 1)
• Authorizes the authority to issue bonds to fund the property tax loan program, with bonds payable solely from loan revenues and exempt from state taxation. Bonds do not constitute state obligations. (W.S. 9-7-305, Sec. 1)
• Creates a property tax loan program providing loans to Wyoming homeowners to assist with property tax increases on their primary residences, with loan amounts capped at the year-over-year increase in property taxes. (W.S. 9-7-307(a), Sec. 1)
• Establishes loan terms including interest rates based on U.S. Treasury security yields, repayment periods not exceeding ten years, and the authority to offer lines of credit for subsequent years with annual recertification. (W.S. 9-7-307(a)(iv)-(v), Sec. 1)
• Creates a lien on the property for which a loan is issued, with the lien being paramount and superior to any other lien or encumbrance created after the tax loan lien. (W.S. 9-7-307(a)(vii), Sec. 1)
• Authorizes financial institutions to participate in the loan program and receive fees not exceeding one percent of loan proceeds disbursed through them. (W.S. 9-7-307(b), Sec. 1)
• Declares applications and records submitted by loan applicants and participants as confidential and not subject to disclosure under the Public Records Act. (W.S. 9-7-302(g), Sec. 1)
• Requires property tax assessment schedules sent to taxpayers to contain information about any state-authorized property tax relief programs and appropriate contact information. (W.S. 39-13-103(b)(viii), Sec. 2)
• Appropriates $100,000 from the general fund to the authority for administrative expenses during the period from the effective date through June 30, 2028.