The bill aims to clarify the rules regarding the establishment of fair market value for property taxes in Wyoming, ensuring that these rules align with the statutory definition of fair market value. It amends existing laws by inserting language that emphasizes the need for the Department of Revenue to prescribe and implement a system for valuing property uniformly within a class, as well as to utilize generally accepted appraisal standards. Specifically, the bill includes new provisions that require all appraisal methods and standards to be consistent with the definition of fair market value as outlined in W.S. 39-11-101(a)(vi).

Additionally, the bill mandates that the county assessors and their offices assist in the implementation of the prescribed system, ensuring that necessary supplies and records are provided for this purpose. The effective date for this act is set for July 1, 2024. Overall, the legislation seeks to enhance the consistency and fairness of property tax assessments across the state.

Statutes affected:
Introduced: 39-11-102, 39-13-103