Real estate transfer tax to offset property tax.

HB 112 would impose a 1% tax on real estate sales exceeding $1 million, collected from buyers at closing. It affects homeowners and property buyers in Wyoming whose transactions surpass this threshold, though it includes numerous exemptions (e.g., agricultural land, transfers between spouses, gifts, and nonprofit transfers). The tax revenue would fund property tax relief by reducing the property tax assessment ratio, though specific implementation details are not outlined in the bill text. The bill failed to advance in the Wyoming House on February 13, 2024, with a vote of 8-53.