This bill amends existing laws regarding ad valorem taxation in Wyoming by establishing a new method for determining the taxable value of specified properties. It introduces a new definition for "taxable value," which will now be based on the acquisition value of the property, specifically the fair market value on January 1, 2019, or the date of acquisition, whichever is later. The bill stipulates that the base value of real property and improvements will increase by five percent annually after the base value is established. Additionally, it outlines conditions under which the base value may be recalculated, such as when substantial improvements are made or when ownership is transferred.

The bill also includes specific provisions for the valuation of all other real and personal property, excluding agricultural land. It clarifies that the taxable value will be determined as a percentage of the fair market value, with a set rate of nine and one-half percent (9.5%). The effective date of this act is contingent upon the approval of a related constitutional amendment by Wyoming voters during the 2024 general election, with the act set to take effect on January 1, 2025.

Statutes affected:
24LSO-0317 v0.4: 39-11-101, 39-13-103