This bill establishes a rebuttable presumption in favor of acquisition value for the taxation of residential real property in Wyoming, effective January 1, 2027. It stipulates that for 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 also details how the base year value for residential properties will be determined based on the acquisition date and includes provisions for annual adjustments to taxable value due to inflation and significant property improvements. Additionally, it clarifies the use and confidentiality of sworn statements related to property taxation, allowing county assessors and relevant boards to access these statements while ensuring confidentiality.

Moreover, the bill introduces amendments to existing laws regarding property transfers, specifying that certain transfers—such as those between spouses, parents and children, or pursuant to court orders—do not count as acquisitions of residential real property. It also clarifies that "significant addition" does not include finishing an unfinished portion of a dwelling. The bill outlines the appeal process for property assessments, requiring individuals to file a statement with the county assessor within thirty days of receiving their assessment and mandates the exchange of information prior to hearings. All hearings must be recorded, and the state board of equalization is tasked with adopting rules for these appeals. The act will take effect upon certification of a constitutional amendment by the secretary of state, with certain provisions effective as of January 1, 2027.

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