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 set at the fair market value as of January 1, 2019. For properties acquired between January 1, 2020, and December 31, 2028, the base year value will be the fair market value on the date of acquisition. For properties acquired on or after January 1, 2029, there will be a rebuttable presumption that the acquisition price reflects the 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 to account for inflation and any significant additions to the property. The Department of Revenue is tasked with creating rules to implement these changes, including how to document acquisition prices and determine construction costs. The act will take effect immediately upon completion of legislative processes, but the specific provisions regarding residential real property valuation will only become effective on January 1, 2029, contingent upon the adoption of a related constitutional amendment by voters in the 2028 general election.

Statutes affected:
27LSO-0104 v0.3: 39-11-101, 39-13-103