HB0118

Wyoming HB0118 proposes a tax reform to replace residential property taxes with sales and use taxes.

Wyoming HB0118 aims to replace residential property taxes with a sales and use tax. The bill sets a zero percent taxable value for residential real property and imposes a two percent sales tax on residential properties, effective April 1, 2027. The additional sales tax revenue will be distributed to local governments to compensate for lost property tax revenue. The bill also creates a property tax reduction and replacement account to manage these funds. The changes are contingent on voter approval of a constitutional amendment in the 2026 general election.