4% PROPERTY TAX CAP

House Bill 45 – Property tax exemption-residential structures and land is a tax cap structured as an exemption.  More specifically, it exempts annual property tax increases over 4% on single family residential structures and residential land.  No application required.  Applies to structure beginning 2024, land and structure for 2025 and beyond.

If owner did not own the property in the prior year or if the increase in value is attributable to structural changes, this cap does not apply.

 PROPERTY TAX REFUND

House Bill 4 – Property tax refund program was expanded in 2022 and is funded again for the 2024 tax bill, due May 2025.  Income must be less than $109,881.  Assets per adult household member, not including house, vehicle, retirement accounts, insurance policy values, medical savings, etc, must be below $163,019.  Must be a Wyoming resident for at least 5 years and occupy residence not less than 9 months of the tax year.

QUALIFY FOR 25% OR 50% REDUCTION IN FAIR MARKET VALUE (NOT BOTH)

            50% LONG TERM HOMEOWNER’S EXEMPTION

House Bill 3 – Property tax exemption for long-term homeowners established a 50% exemption for homeowners — or their spouses — who are at least 65 years old, have paid Wyoming residential property taxes for at least 25 years, and live in their home at least 8 months of the year.  The exemption will apply to the assessed value of a home and up to 35 acres of residential land.  Military personnel who “declare Wyoming as their domicile” will also qualify.  The bill went into effect January 2025 and will sunset on July 1, 2027. 

            25% HOMEOWNER’S EXEMPTION

Senate File 69 – Homeowner property tax exemption established a 25% exemption of fair market value of the single-family residential structure and associated improved land up to the first $1 million of fair market value of the property.  Except for those in service in the armed forces, must occupy residence not less than 8 months of the tax year.  Applied to all residential structures for 2025, must apply as owner occupant to qualify for 2026.

VETERAN’S EXEMPTION

Senate File 89 – Veterans ad valorem exemption amount has doubled the exemption for qualified veterans from $3,000 of the assessed value of a home to $6,000.  The bill includes about $8 million to reimburse county treasurers for lost revenue.