The proposed bill seeks to amend the Wyoming Constitution to establish residential real property as a distinct class for taxation purposes. It modifies Article 15, Section 11 by changing the number of property classes from three to four, adding residential real property as a new category. The bill also introduces a new subsection (e) that outlines how residential real property will be valued starting January 1, 2025. Specifically, newly constructed residential properties will be valued based on construction costs plus the fair market value of the land as of January 1, 2019, while existing properties will be valued at their fair market value on that same date.

Additionally, the bill stipulates that the base value for residential properties will remain unchanged until either an addition or improvement is made or ownership is transferred to a new person after January 1, 2025. In the case of a transfer, the property will be valued at its fair market value on the date of transfer, establishing a new base value. The legislature is also granted the authority to adjust the base value for inflation. This amendment aims to provide clarity and stability in the assessment of residential real property for tax purposes.