This bill establishes new guidelines for the valuation of residential real property for ad valorem taxation in Wyoming. It amends existing definitions and introduces a new paragraph that outlines how the fair market value of residential real property will be determined. Specifically, it states that for properties acquired before January 1, 2020, the base year value will be the fair market value as of January 1, 2019. For properties acquired between January 1, 2020, and December 31, 2027, the base year value will be the fair market value on the date of acquisition. For properties acquired on or after January 1, 2028, there will be a rebuttable presumption that the acquisition price reflects fair market value, with specific conditions under which this presumption can be challenged.

Additionally, the bill mandates that the base year value will be adjusted annually based on a state-created index that compares residential property values year-over-year. It also includes provisions for adjusting the base year value to account for new construction or significant additions to the property. The Department of Revenue is tasked with creating rules to implement these changes, including documentation requirements for establishing acquisition prices and determining construction costs. The act will take effect only after a constitutional amendment is adopted by voters in the 2026 general election, with specific provisions becoming effective on January 1, 2028.

Statutes affected:
Introduced: 39-11-101, 39-13-103