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 clarifies the confidentiality of sworn statements related to property assessments, allowing certain statements to be accessible to county assessors and boards of equalization for tax valuation while ensuring confidentiality in other contexts.

Furthermore, the legislation mandates the Department of Revenue to adopt rules for determining property values and defines key terms such as "fair market value" and "taxable value." It requires reporting of significant additions to residential properties, with a "significant addition" defined as any construction that increases habitable square footage, excluding the finishing of previously unfinished areas. The bill outlines the process for contesting property assessments, including filing requirements and evidence exchange, and sets a deadline for the implementation of necessary rules by January 1, 2026. The act will take effect immediately, except for Section 1, which will become effective on the specified date.