4% PROPERTY TAX CAP

2024 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

2024 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

2024 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. 

2026 House Bill 0045, updates the language of 2024 House Bill 0003

• Changes ‘assessed value’ to ‘fair market value’.
• Caps the application of the exemption to fair market value to the first three million dollars of fair market value.
• Removes the repeal date.
• Changes the sign-up date to no later than March 1 of each year.
• Revises the eight‑month prior‑year requirement to allow the period to be satisfied cumulatively between the recently sold primary residence and the current owner‑occupied residence.
• Subsequent exemptions can be done via phone, mail or other communication methods, provided nothing has changed in the original signed affidavit.

            25% HOMEOWNER’S EXEMPTION

2025 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

2024 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. 

2025 Senate File 102 – Veterans ad valorem exemption recipients have been expanded to include Gold Star parents in the event there is no surviving spouse.

BUSINESS PERSONAL PROPERTY

2025 Senate File 48 provides an exemption on business personal property taxation for the first $75,000 in fair market value.

2025 Senate File 49 changes how the value of business personal property is determined for property taxes, using specific valuation indexes and depreciation schedules, and sets a minimum depreciation value at 20% of the property’s installed cost.