This bill amends the definition of "fair market value" in Wyoming property taxation law to include specific criteria for different types of property. For land, fair market value is defined as the amount a well-informed buyer is willing to pay and a seller is willing to accept, while for personal property and appurtenances, it is defined as the replacement cost new less depreciation. Additionally, the bill clarifies that the fair market value for mine products will be determined according to existing statutes.

The bill also revises the responsibilities of the Department of Revenue, requiring it to prescribe manuals, formulas, methods, or systems for establishing fair market value to ensure uniformity in property valuation. The department is mandated to adopt necessary rules for implementation by January 1, 2026. The act will take effect immediately upon completion of legislative processes, with the specific provisions regarding fair market value becoming effective on January 1, 2026.

Statutes affected:
Introduced: 39-11-101, 39-11-102