Bill > SF0049

This bill modifies Wyoming's ad valorem (property) tax laws by establishing a new method for valuing tangible personal property. Specifically, the bill requires the Department of Revenue to use valuation indexes and depreciation schedules to determine the fair market value of tangible personal property. Under the new rules, once a piece of property reaches a "depreciation floor" of 20% of its original installed cost, its trending factor will remain constant in subsequent years until the property is removed from service. The bill excludes certain types of property from this new valuation method, such as property already valued under existing statutes and mobile homes required to be titled. The Department of Revenue is mandated to create rules implementing these changes, with most provisions becoming effective on January 1, 2026, while the rule-making sections take effect immediately upon the bill becoming law. This approach aims to create a more standardized and predictable method for assessing the value of business and industrial equipment for taxation purposes.

Budget and Finance

Revenue (Joint)

https://www.wyoleg.gov/Legislation/2025/SF0049