The bill establishes a rebuttable presumption in favor of acquisition value for residential real property in Wyoming, which will be used to determine fair market value for property taxation. For properties acquired on or after January 1, 2026, the acquisition value will be presumed to be the fair market value unless contrary evidence is presented. The bill also clarifies that the fair market value will be determined based on the date of the last acquisition, with specific provisions for properties acquired before and after the specified date. Additionally, it amends existing laws regarding the confidentiality of sworn statements related to property assessments, ensuring these statements are confidential but available to certain entities for property valuation purposes.

Moreover, the bill mandates the establishment of rules for reporting significant additions to residential properties, defining a "significant addition" as any construction that increases habitable square footage, while excluding the finishing of previously unfinished areas. It also revises the appeals process for property assessments, requiring individuals to file a statement with the county assessor within 30 days of receiving the assessment schedule and emphasizing the need for information disclosure prior to hearings. The state board of equalization and the department of revenue are tasked with creating necessary rules by January 1, 2026, while the act itself takes effect immediately.