Bill > SF0161

This bill modifies Wyoming's property tax assessment rules, primarily focusing on residential real property valuation. Starting January 1, 2026, the bill establishes a rebuttable presumption that the acquisition value (the actual price paid for a property) is its fair market value for tax purposes. For residential properties acquired after this date, the base year value will typically be the acquisition price, unless the presumption is successfully challenged through evidence showing the transaction was not at arms-length or the buyer and seller were not acting independently. The bill applies to residential properties with up to four dwelling units, including single-family homes, condominiums, mobile homes, and trailers used as primary residences. Certain property transfers, such as those between spouses or transfers to trusts, are exempted from being considered new acquisitions. The legislation also maintains confidentiality provisions for property transfer statements while allowing their use for statistical and assessment purposes. The state board of equalization and department of revenue are required to develop implementation rules by January 1, 2026, and the bill's primary provisions will take effect on that date, potentially providing homeowners with more predictable property tax assessments based on their original purchase price.

Budget and Finance

https://www.wyoleg.gov/Legislation/2025/SF0161