Vote Smart's Synopsis:

Vote to pass a bill that establishes a state tax exemption for homeowners in the state of Wyoming.

Highlights:

• Establishes a 25% fair market value of a single-family residential structure applicable to the first $2 million of the fair market value for homeowner tax exemptions for single-family residential structures (Sec. 1). 

• Requires the county treasurer for each county to keep accurate records of the reduction in tax revenues caused by the homeowner tax exemption (Sec. 1). 

• Establishes that each department shall compile and verify the information and include any reductions in the distribution of mill levies to the school foundation program (Sec. 1). 

• Requires the state treasurer out of funds appropriated for the purpose shall reimburse each county treasurer for the amount of taxes that would have been collected if the property was not exempt (Sec. 1). 

• Establishes that the county treasury shall distribute the revenue to each governmental entity in the actual amount of taxes lost due to the exemption (Sec. 1). 

• Authorizes $125 million from the general fund to the Department of Revenue to reimburse government entities including school districts for losses in revenue (Sec. 3).

Full Bill Text