The bill establishes a rebuttable presumption in favor of acquisition value for residential real property in Wyoming, particularly for properties acquired on or after January 1, 2026. It defines acquisition value as the fair market value unless evidence indicates otherwise, such as undue influence or insufficient documentation. Additionally, the bill mandates annual adjustments to the base year value for residential properties using an inflation factor, capped at 2% or the consumer price index rate, while also accounting for increases from new construction or significant additions.

Moreover, the bill introduces provisions for assessing residential real property, focusing on the valuation of new construction and significant additions based on construction costs defined by the department. If actual costs are unavailable or do not reflect fair value, the valuation will default to average construction costs for the relevant tax year. The bill also clarifies the process for contesting property assessments, including timelines for appeals and information exchange requirements, while ensuring transparency in the assessment process. The state board and the department of revenue are tasked with implementing necessary rules by January 1, 2026, with most provisions taking effect immediately upon passage.