This bill establishes a rebuttable presumption in favor of acquisition value for the taxation of specified residential real property in Wyoming, effective January 1, 2027. For residential properties acquired on or after this date, the acquisition value will be treated as the fair market value unless contrary evidence is presented. The bill outlines the determination of base year value based on the acquisition date and includes provisions for annual adjustments to taxable value due to inflation and significant property additions. It also clarifies the use and confidentiality of sworn statements related to property taxation, allowing county assessors to access these statements while ensuring confidentiality.

Additionally, the bill introduces amendments to existing laws regarding the transfer and acquisition of residential real property, specifying that "significant addition" does not include finishing an unfinished portion of a dwelling. It exempts certain property transfers, such as those between family members or pursuant to court orders, from being classified as acquisitions. The bill also details the appeal process for property assessments, including timelines for filing appeals and requirements for information exchange, while mandating that hearings be recorded. The county board of equalization is responsible for making written findings based on the evidence presented, and the bill sets a timeline for the state board of equalization and the department of revenue to implement necessary rules, with the act becoming effective upon certification of a related constitutional amendment.

Statutes affected:
26LSO-0101 v0.4: 34-1-142, 39-11-101, 39-11-102, 39-11-109, 39-13-102, 39-13-103, 39-13-109