The bill establishes a rebuttable presumption in favor of acquisition value for certain real properties in Wyoming, meaning the property's value will be presumed to be the purchase price unless proven otherwise. It modifies confidentiality provisions by making certain sworn statements related to property assessments public records, exempting them from previous confidentiality restrictions. The bill also introduces a new subsection defining "acquisition value," clarifies the process for determining fair market value with the rebuttable presumption, and mandates documentation requirements. Additionally, it repeals an obsolete provision and ensures the assessment process aligns with the new definitions and presumption rules.

Furthermore, the bill outlines procedures for county boards of equalization during property valuation appeals, requiring the state board of equalization to adopt rules for these hearings, which must be recorded. Taxpayers can present evidence, including expert testimony, to challenge the valuation presumption. The county attorney may represent either the county board or the assessor, but not both, and deliberations must be public. The county board can uphold the assessor's valuation or rule in favor of the taxpayer, with written findings due by October 1 each year. The bill also repeals W.S. 39-13-109(a) and requires the establishment of necessary rules by January 1, 2025, with the act taking effect on the same date.

Statutes affected:
Introduced: 39-13-109