Property tax reduction and replacement act.

HB 290 establishes a property tax exemption for single-family homeowners in Wyoming, covering the first $200,000 of home value in 2025 and $1 million annually thereafter (adjusted for inflation). To compensate for lost local government revenue, it creates a new 2% sales tax (reducible to 0% if the exemption isn't available) that funds a "property tax reduction and replacement account." County treasurers will distribute these funds annually based on each county's revenue loss from the property tax exemption, with distributions calculated by February 15 each year. Homeowners must occupy the property for at least six months annually to qualify for the exemption.