WY HB0118

Reduces the taxable value of residential real property (dwellings for up to 3 families used as primary residences) from 9.5% to 0% of fair market value, effectively eliminating property taxes on qualifying homes

Imposes a new 2% statewide sales and use tax beginning April 1, 2027, increasing the total state rate from 4% to 6%, with revenue dedicated to replacing lost local government property tax revenue

Creates the Property Tax Reduction and Replacement Account to collect the new sales tax revenue and distribute funds to counties based on their certified property tax losses by February 15 each year

Exempts industrial facilities subject to Industrial Siting Council permitting from the additional 2% sales tax during their permitting and construction periods

Contingent on voter approval of a constitutional amendment (2026 Senate Joint Resolution 0003) at the 2026 general election, with the tax changes taking effect January 1, 2027