SF 86

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                          STATE OF WYOMING
                          SENATE FILE NO. SF0086
 Wyoming property tax relief authority.
 Sponsored by: Senator(s) Case
                                  A BILL
                                   for
1 AN ACT relating to the administration of the government;
2 creating    the     Wyoming    property  tax   relief    authority;
3 specifying duties and powers of the authority; creating a
4 property    tax   loan     program;    authorizing      the    issuance   of
5 bonds under specified conditions; requiring notice of the
6 property    tax     loan     program       in    assessment     schedules;
7 providing    an   appropriation;  authorizing    positions;       and
8 providing for effective dates.
9
10 Be It Enacted by the Legislature of the State of Wyoming:
11
12Section 1.    W.S. 9-7-301 through 9-7-307 are created
13 to read:
14
15ARTICLE 3
16WYOMING PROPERTY TAX RELIEF AUTHORITY
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1
29-7-301.      Definitions.
3
4(a)    As used in this article:
5
6(i)     "Authority" means the Wyoming property tax
7 relief authority;
8
9(ii)    "Board"       means     the   board    of   the       Wyoming
10 property tax relief authority;
11
12(iii)     "Bonds"       means     notes,      warrants,        bonds,
13 temporary      bonds      and     anticipation     notes     issued        by    the
14 authority under this article;
15
16(iv)    "Financial  institution"      means      a        bank,
17 savings      and   loan    association,        federal     chartered        credit
18 union, state chartered credit union or mortgage lender;
19
20(v)     "Homeowner" means a person who is a resident
21 of Wyoming and who owns a home in Wyoming that serves as
22 the person's primary residence;
23
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1(vi)     "Mortgage lender" means as defined by W.S.
2 9-7-103(a)(ix).
3
49-7-302.       Wyoming  property        tax        relief        authority;
5 creation; composition.
6
7(a)    Commencing  July    1,     2026,    there       is    created        the
8 Wyoming      property       tax    relief       authority,  which    is       a    body
9 politic and corporate operating as an instrumentality of
10 the state of Wyoming, with authority to adopt an official
11 seal and to sue and be sued.
12
13(b)    The     authority  shall     be     governed  by    a       board
14 composed      of     five    (5)        voting     members  appointed  by   the
15 governor, with the advice and consent of the senate. Except
16 as provided in this subsection, all voting members shall be
17 appointed      for    four        (4)    year     terms.       The    governor  shall
18 appoint three (3) initial voting board members to a term of
19 four   (4)    years and shall appoint the  remaining two (2)
20 initial voting board members to a term of two (2) years.
21 The    governor may  remove       any     member       as    provided       in W.S.
22 9-1-202. Vacancies shall be filled by appointment by the
23 governor     in     accordance  with    W.S.     28-12-101.  The       members
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1 shall        elect   from      the       membership       a    chairman      and
2 vice-chairman. All persons appointed and serving as members
3 of the board shall be qualified voters of the state of
4 Wyoming.
5
6(c)     Members of the board may receive the same per
7 diem,   expenses      and   travel       allowance    as      members   of   the
8 legislature      under   W.S.    28-5-101  while   in   attendance     at
9 meetings of the board and while performing their duties as
10 members of the board.
11
12(d)     The board may appoint an executive director of
13 the authority, who serves as the executive secretary of the
14 board and is the chief executive officer of the authority.
15 The executive director shall serve at the pleasure of the
16 board. The executive director shall be an ex officio member
17 of the board but shall not vote.
18
19(e)     Any   agency,    board,      commission,        department     or
20 institution of the state and the governing authorities of
21 political       subdivisions     may       make    surveys,      reports     and
22 investigations, and may furnish records and information and
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1 provide other assistance and advice as the authority may
2 require.
3
4(f)   The authority is subject to the requirements of:
5
6(i)     W.S. 16-3-101 through 16-3-105;
7
8(ii)    W.S. 16-4-201 through 16-4-205, except as
9 provided in subsection (g) of this section;
10
11(iii)    W.S. 16-4-401 through 16-4-408.
12
13(g)   Any     applications     or   records    submitted    by
14 applicants or participants in the property tax loan program
15 established under W.S. 9-7-307 shall be confidential and
16 shall not be available for disclosure or inspection under
17 the Public Records Act.
18
199-7-303.      Purposes; budget.
20
21(a)   The     authority   is   created   to   facilitate   and
22 provide loans for Wyoming homeowners in need of assistance
23 with paying increased property taxes.
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1
2(b)      The authority may borrow funds for the execution
3 of   the     purposes      of     the    authority    as     provided      in   W.S.
4 9-7-305.
5
6(c)      The authority shall not exercise the rights or
7 powers granted to it in this section if private persons,
8 firms      or   corporations        are       performing    the     acts   or   are
9 providing the services authorized for the authority.
10
11(d)      The authority shall submit its budget for review
12 as     provided       by    W.S.        9-2-1010    through       9-2-1014.     Any
13 appropriation to the authority shall be expended only for
14 administrative purposes.
15
169-7-304.       Powers of the authority.
17
18(a)      The authority may:
19
20(i)   Employ officers, agents and employees as it
21 deems    necessary  for    the    performance       of   its   duties     and
22 prescribe the powers and duties and fix the compensation of
23 the officers, agents and employees;
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1
2(ii)     Contract, upon terms as it may agree upon,
3 for    legal,     financial      and    other   professional      services
4 necessary or expedient in the conduct of its affairs;
5
6(iii)     Utilize the services of executive agencies
7 of the state upon mutually agreeable terms and conditions;
8
9(iv)     Receive     by     gift,   grant,        donation   or
10 otherwise, any sum of money, aid or assistance from the
11 United     States,    the      state    of   Wyoming,      any   political
12 subdivision or any other public or private entity or any
13 country in good standing with the United States subject to
14 state and federal law;
15
16(v)     Administer and manage the property tax loan
17 program    established      in   W.S.    9-7-307.    The     authority   may
18 promulgate any rules necessary to administer and manage the
19 program;
20
21(vi)     Do any and all things necessary or proper
22 for the development, regulation and accomplishment of the
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1 purposes      of   the    authority      within       the   limitations       of
2 authority granted by this article.
3
49-7-305.    Bonds.
5
6(a)    In addition to the powers otherwise granted to
7 the    authority    and   in   order     to    accomplish      its   purposes,
8 including the provision of funding for the property tax
9 loan program under W.S. 9-7-307, the authority shall have
10 the power to borrow money and evidence the borrowing in the
11 issuance and       sale   of   bonds     or other obligations  of   the
12 authority, the principal and interest of which shall be
13 payable solely out of revenues authorized to be dedicated
14 and pledged for the payment.
15
16(b)    Bonds issued under this section shall be solely
17 the obligation of the authority and shall recite on their
18 face that they do not constitute obligations of the state
19 of Wyoming or any county, municipality or other political
20 subdivision of the state. The bonds or other obligations
21 shall    be    authorized      and   issued      by    resolution      of    the
22 authority. The bonds shall be  executed in      the    form   and
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1 manner   provided    by     the        resolution        authorizing       their
2 issuance. The resolution shall include:
3
4(i)     The series of the bond or obligation;
5
6(ii)    The     date    of        issuance     of     the    bond     or
7 obligation;
8
9(iii)     The   date     of       maturity      of    the    bond    or
10 obligation;
11
12(iv)    That    the     bond       or   obligation       shall      bear
13 interest, and the interest rate;
14
15(v)     The form that the bond or obligation shall
16 be in;
17
18(vi)    The      registration  and  exchangeability
19 privileges of the bond or obligation;
20
21(vii)     The   medium       of    payment     and    the    place    of
22 payment of the bond or obligation;
23
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1(viii)     The terms of redemption and that the bond
2 or obligation shall be subject to those terms;
3
4(ix)     That       the   bond   or    obligation    shall    be
5 entitled      only     to     a     priority   on    the   revenues    of   the
6 authority as the authority's resolution provides, subject
7 to subsection (d) of this section.
8
9(c)    The bonds or other obligations issued under this
10 section may be sold by the authority:
11
12(i)     At, above or below par value;
13
14(ii)     At public or private sale;
15
16(iii)     In a manner and from time to time as the
17 authority determines.
18
19(d)    Any bonds issued under this section shall only be
20 payable from and be secured by the pledge of the revenues
21 collected from loans issued under the property tax loan
22 program, subject only to prior payment of any reasonable
23 fees     to     financial  institutions      assisting      in    the
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1 administration of the property tax loan program. Any holder
2 of   the     bonds      may,       by   appropriate  legal     action,     compel
3 performance        of    all   duties       required  of   the    authority     in
4 order to enforce payment of the bonds when due. If any bond
5 issued under this section is permitted to go into default
6 as     to    principal        or     interest,        any     court     of   competent
7 jurisdiction may, pursuant to the application of the holder
8 of   the bonds,  appoint        a receiver      who shall operate  the
9 property tax loan program and collect and distribute the
10 revenues  thereof      pursuant  to  the      provisions       and
11 requirements of the resolution authorizing the bonds.
12
13(e)    If more than one (1) series of bonds is issued
14 payable      from       the    revenues        of     the     bond      proceeds,    the
15 priority of any lien on the revenues shall be as provided
16 by the resolution authorizing the bonds.
17
18(f)    All    bonds  issued   under      the    provisions        of   this
19 section shall constitute negotiable instruments within the
20 meaning      of    the    Uniform        Commercial  Code.     The    bonds   and
21 earnings from the bonds shall be exempt from all taxation
22 within the state of Wyoming.
23
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1(g)     Any resolution of the authority authorizing the
2 issuance of bonds shall be published once in a newspaper of
3 general      circulation  published  in    Wyoming,       and     in     a
4 newspaper in the area where the provision of loans under
5 this article are contemplated. For a period of thirty (30)
6 days   from     the    date       of    the    publication,  any    person       in
7 interest may contest the legality of the resolution and of
8 the    bonds    to     be    issued      under       the    resolution       and       the
9 provisions securing the bonds, including the validity of
10 any loan proceeds pledged to the payment thereof. After the
11 expiration      of     thirty      (30)       days    from    the     date      of     the
12 publication, no person shall have any right of action to
13 contest the  validity of  the    bonds,      the   validity       of     the
14 security pledged to the payment thereof or the provisions
15 of the resolution under which the bonds were issued, and
16 all    the     bonds       and    all     related  proceedings       shall      be
17 conclusively presumed to be legal.
18
19(h)     The authority may authorize the issuance of bonds
20 for the purpose of refunding, extending and unifying the
21 whole or any part of the principal, interest and redemption
22 premiums       on    any     outstanding  bonds       issued       under      this
23 article. The refunding bonds may either be sold and the
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1 proceeds      applied       to       or    deposited  in    escrow    for    the
2 retirement of the outstanding bonds, or may be delivered in
3 exchange     for     the    outstanding  bonds.      The    refunding      bonds
4 shall be authorized in all respects as original bonds are
5 herein    required  or    were     required      at    the    time    of    their
6 issuance to be authorized. The authority, in authorizing
7 the refunding bonds, shall provide for the security of the
8 bonds, the sources from which the bonds are to be paid and
9 for the rights of the holders thereof in all respects as
10 herein provided for other bonds issued under this article.
11 The board may also provide that the refunding bonds shall
12 have the same or different priority of lien on the revenues
13 pledged      for    their       payment     as    was    enjoyed      by    the    bonds
14 refunded.
15
169-7-306.      Use        of   net       revenues;      legal       investments;
17 exemptions  from    taxation;  state    pledge      not     to    impair
18 bondholder's rights and remedies.
19
20(a)    The authority may use and employ any net revenues
21 derived from the property tax loan program and any bonds
22 issued under this article and from any other source, after
23 making the required principal and interest payments on any
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1 revenue      bonds       issued      under        this    article        and    any        other
2 payments required by this article and any other payments
3 provided      in    any    resolution  authorizing       the     issuance  and
4 sale of revenue bonds and obligations, for the property tax
5 loan program established in W.S. 9-7-307.
6
7(b)    If    the       authority  determines       that     no    need        for
8 additional  funding      for        the     property        tax    loan        program
9 established  by        W.S.     9-7-307  exists     and        after        the
10 administrative  expenses      of        the    authority        are    paid,       net
11 revenues derived under this article shall be paid to the
12 state treasurer for credit to the general fund.
13
14(c)    The bonds of the authority are legal investments
15 that may be used as collateral for public funds of the
16 state,       insurance  companies,  banks,     savings       and  loan
17 associations,  investment  companies,  trustees       and        other
18 fiduciaries that may properly and legally invest funds in
19 their     control        or    belonging  to     them     in    bonds        of    the
20 authority.
21
22(d)    The    exercise  of        the     powers     granted       by       this
23 article      constitutes  the     performance  of     an     essential
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1 governmental function. Any bonds issued under this article
2 and the earnings from the bonds shall be free from taxation
3 of every kind by the state, municipalities and political
4 subdivisions of the state.
5
6(e)   The state pledges to the holders of any bonds
7 issued under this article that the state will not limit or
8 alter the rights vested in the authority to fulfill the
9 terms of agreements made with the holders, or in any way
10 impair the rights and remedies of the holders until the
11 bonds   together    with   the    interest,    with   interest   on   any
12 unpaid installments of interest and all costs and expenses
13 in connection with any action or proceeding by or on behalf
14 of the holders are fully met and discharged. The authority
15 is authorized to include this pledge of the state in any
16 agreement with the holders of the bonds.
17
189-7-307.    Property      tax   loan   program;    requirements;
19 authority duties.
20
21(a)   The property tax loan program is hereby created.
22 The authority shall manage the program in accordance with
23 the following:
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1
2(i)     The authority shall use funds collected from
3 the issuance of bonds and any gifts, grants and other funds
4 received in accordance with this article to provide loans
5 to homeowners who require assistance with paying property
6 taxes as a result of an increase in the amount of property
7 tax    owed    by    the    homeowner    on   the    homeowner's  primary
8 residence;
9
10(ii)    Any    homeowner    seeking     a    loan       under   the
11 program shall submit an application on a form provided by
12 the authority. Application may be made to the authority or
13 to     a   financial       institution   participating  in    the    loan
14 program under this section;
15
16(iii)    Loans    issued   to   a     homeowner  under   this
17 section shall not exceed an amount equal to the increase in
18 property tax on the homeowner's primary residence for the
19 current tax year compared to the immediately preceding tax
20 year;
21
22(iv)    The interest charged on  each    loan issued
23 under this article shall be the current equivalent yield of
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1 a United States treasury security of the same duration of
2 the loan;
3
4(v)   The authority may authorize an applicant to
5 receive    subsequent        loans   as   a   line      of     credit,    provided
6 that:
7
8(A)    The amount of  any credit extended  or
9 funds distributed under this paragraph shall not exceed an
10 amount    equal      to    the    increase      in    property     tax     on   the
11 homeowner's primary residence for the applicable tax year
12 compared to the immediately preceding tax year;
13
14(B)    A line of credit issued to an applicant
15 shall be in effect for and shall have an interest rate
16 equal    to    the   rate    specified     in    paragraph        (iv)    of    this
17 subsection and shall have a repayment term of not more than
18 ten     (10)    years.       An   applicant  seeking     future    loans,
19 additional time to repay a loan or a line of credit shall
20 reapply as required by the authority;
21
22(C)    An applicant seeking to utilize a line
23 of    credit    shall      provide   an   annual       certification       to   the
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1 authority showing the applicant's need for a property tax
2 loan.
3
4(vi)     Loan proceeds disbursed under this section
5 shall be disbursed directly to the recipient to be used
6 only for the loan recipient's property taxes due on the
7 recipient's primary residence. The recipient shall use the
8 loan    proceeds to  pay    property      taxes      not    later       than    the
9 deadlines specified under W.S. 39-13-108(b)(i);
10
11(vii)       Upon    the    issuance      of   a     loan    under       this
12 article, there shall be a lien upon the property for which
13 the loan for property taxes was issued. The lien shall be
14 paramount and superior to any other lien or encumbrance
15 created after a lien is created under this paragraph;
16
17(viii)       Loans    shall       be    repaid      under    a    payment
18 plan    prescribed  by     the    authority,  provided  that     no
19 repayment period shall exceed ten (10) years.
20
21(b)    The  authority  shall     authorize  financial
22 institutions  to    participate  in     the   property       tax        loan
23 program      under    this       article.       Each    financial  institution
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1 seeking to participate shall apply to the authority on a
2 form    prescribed        by     the     authority.        The    authority       may
3 disburse loan proceeds directly to a financial institution
4 for     disbursement       in     accordance        with    this       section.    A
5 financial     institution        participating        in    the       property    tax
6 loan program shall be entitled to receive a fee not to
7 exceed one percent (1%) of the proceeds of each property
8 tax    loan   program      loan        disbursed    through       the    financial
9 institution.
10
11(c)    The    authority  and   each    financial  institution
12 participating       in     the    property     tax     loan       program     shall
13 advertise the property tax loan program in a form that, in
14 the discretion of the authority, is likely to attract the
15 attention of Wyoming residents.
16
17Section      2.    W.S.    39-13-103(b)(viii)  is    amended     to
18 read:
19
2039-13-103.        Imposition.
21
22(b)    Basis of tax.        The following shall apply:
23
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1(viii)      Every       assessment  schedule  sent    to     a
2 taxpayer shall contain the property's estimated fair market
3 value for the current and previous year, or, productive
4 value in the case of agricultural property. The schedule
5 shall       also    contain    the       assessment       ratio  as   provided      by
6 paragraph  (b)(iii)       of     this        section        for       the    taxable
7 property,  the   amount    of        taxes    assessed  on   the    taxable
8 property from the previous year, an estimate of the taxes
9 which will be due and payable for the current year based on
10 the previous year's mill levies and, if the property is a
11 single      family       residential  structure,        an    estimate        of    the
12 taxes that will be avoided if the property is eligible for
13 the exemptions under W.S. 39-11-105(a)(xliii) and (xliv).
14 Each assessment schedule issued under this paragraph shall
15 contain information, including contact information, of any
16 property tax relief program authorized by state law. The
17 schedule       shall      contain        a    statement        of    the       process     to
18 contest assessments as prescribed by W.S. 39-13-109(b)(i);
19
20Section 3.  There is appropriated one hundred thousand
21 dollars ($100,000.00) from the general fund to the Wyoming
22 property tax relief authority created by section 1 of this
23 act    to    be     expended      only       for   purposes  of    administrative
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1 expenses of the Wyoming property tax relief authority. This
2 appropriation shall be for the period beginning with the
3 effective date of this section and ending June 30, 2028.
4 This appropriation shall not be transferred or expended for
5 any    other    purpose   and   any    unexpended,    unobligated   funds
6 remaining from this appropriation shall revert as provided
7 by law on June 30, 2028.
8
9Section      4.    The   governor      shall      make     initial
10 appointments to the Wyoming property tax relief authority
11 by making temporary appointments under W.S. 28-12-101(b),
12 subject to W.S. 28-12-101 through 28-12-103.
13
14Section 5.    After members are appointed under section
15 4 of this act, the Wyoming property tax relief authority
16 board may take any action necessary to establish and to
17 prepare    to     implement     the    property   tax    loan    program,
18 provided that no loan under the program shall be created,
19 issued or disbursed before July 1, 2026.
20
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1Section 6.
2
3(a)   Except   as   provided   in   subsection   (b)   of   this
4 section, this act is effective immediately upon completion
5 of all acts necessary for a bill to become law as provided
6 by Article 4, Section 8 of the Wyoming Constitution.
7
8(b)   Sections 1 and 2 of this act are effective July
9 1, 2026.
10
11(END)
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