Single Family Residential Exemption (passed in 2024 – this is the 4% cap)

• • • • The amount of exemption shall be any assessed value of the single‐family residential structure that is in excess of the prior year assessed value less any exemption authorized in this statute in the prior year, plus 4%. The fiscal impact of this exemption is estimated to be $300M. Not backfilled.

Long-term Homeowners Exemption

• • • • Effective January 1, 2025, ongoing.
      • Owner or spouse must be 65 or older and have paid residential property taxes in Wyoming for 25 years or more. Owner must reside in the primary residence for not less than 8 months of a year.
      • 50% assessed value exemption on the primary residential structure and up to 35 acres of land.
      • To date, approximately 18,000 properties have already qualified, and it is anticipated that a total of 25,000 may qualify. Not backfilled. The fiscal impact is not yet known.

Property Tax Refund Program

• • • • The program has been expanded in the last several years so that more people can qualify. It is only available if funds are appropriated by the Legislature (it has been funded since 2022) and was yet expanded again in the 2025 session.
      • Application available at the County Treasurer’s office or from the Department of Revenue website.
      • Must have paid property tax timely.
        Household income must be less than the greater of 145% of the county or state median household income.
      • Household assets (excluding the house, a car for each adult household member, and IRA and other pension funds) must be worth less than $156,900 per adult household member.

Property Tax Deferral Program

• • • • Available at participating County Assessor’s offices (currently only Teton County).
      • Must be the principal residence on a parcel of land of less than 40 acres.
      • Owner must have limited income, be over 62 years old or handicapped (as determined by the Social Security Administration), and have purchased the property 10 years prior to applying for deferral of taxes.
      • Up to ½ of property taxes on a qualifying principal residence can be deferred.

Veteran’s Property Tax Exemption Program

• • • • Available at local County Assessor’s and/or County Treasurer’s offices (currently, only Teton County).
      • Honorably discharged veterans of WWI, WWII, Korea, Vietnam, or those awarded the armed forces expeditionary medal or other authorized service or campaign medal indicating service in any armed conflict in a foreign country.
      • Surviving spouses of qualifying veterans and certain disabled veterans may also be eligible.
      • Provides a property tax exemption of $6,000 in assessed value against real or personal property. (the Legislature doubled the benefit in the 2024 budget session)

County Optional Property Tax Refund Program

• • • • Albany, Lincoln, Converse, Teton, and Sublette
      • Only if funded at the county level.
      • Property tax paid timely; household income and asset limits determined by the county; resident of Wyoming for the past 5 years.

For community colleges, the key issue was the cumulative impact of earlier property tax cuts on local mill revenue, combined with the rising cost of delivering high‑quality education. The Wyoming Community College Commission estimated that existing property tax relief measures would reduce local mill revenue by roughly $16–17 million across the system over the biennium, even as colleges requested additional state funding just to keep pace with inflation.

WHAT IS HB 45?

HB 45 is the only bill related to property tax relief to pass in the 2026 legislative session.

HB 45 – Long Term Homeowner Tax Exemption explained:

• • • • Raises the long-term homeowner exemption amount and updates eligibility rules for homeowners who have lived in their primary residence for the required number of years.
      • Applies the 50% exemption only to the first $3 million of a home’s fair market value, creating a clear cap on the benefit.
      • Moves the application deadline to March 1 and allows homeowners who already qualify to renew annually through a simple confirmation rather than a full re-application.
      • Clarifies definitions, including “primary residence,” to ensure consistent administration across counties.
      • Repeals the program’s sunset date, making the exemption permanent unless changed by future legislation.
      • Prevents dual benefits by prohibiting homeowners from claiming this exemption if a separate voter-approved homeowner exemption initiative goes into effect.