The 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, assuming no undue compulsion and a reasonable market period. Additionally, for personal property and appurtenances, the fair market value will now be determined by the replacement cost new of the property, less depreciation. The bill also clarifies that the fair market value for mine products will be determined according to existing statutes.

Furthermore, the bill revises the responsibilities of the Department of Revenue, requiring it to prescribe manuals, formulas, methods, or systems to ensure uniform valuation of property for taxation. The county assessors and their offices are mandated to assist in implementing these systems. The Department of Revenue is tasked with adopting necessary rules to implement the act by January 1, 2026, while the act itself will take effect immediately, with the exception of the new definition of fair market value, which will be effective on the same date.

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