This bill introduces new provisions for ad valorem taxation of residential real property in Wyoming, establishing a rebuttable presumption that the acquisition value of properties acquired on or after January 1, 2026, is their fair market value. It specifies that the fair market value will be determined based on the date of the last acquisition, with distinct rules for properties acquired before and after this date. The bill also ensures that sworn statements related to property assessments remain confidential and are not public records, although they can be accessed by certain authorities for tax valuation purposes.

Additionally, the bill amends existing definitions and procedures for property valuation and taxation, requiring the department of revenue to set fair market values and mandating county assessors and boards of equalization to adhere to these guidelines. It outlines the process for taxpayers to appeal property valuations, including a requirement to file a statement with the county assessor within thirty days of receiving the assessment schedule. The legislation aims to enhance transparency in the appeals process and ensure that hearings conducted by the county board of equalization are public and documented. The act will take effect immediately upon completion of legislative processes, with specific provisions starting on January 1, 2026.