Bill > SF0182

This bill modifies how fair market value is determined for property tax purposes in Wyoming by expanding the definition to include three distinct calculation methods. First, for land, fair market value remains based on what a well-informed buyer would reasonably pay and a well-informed seller would accept in an open market. Second, for personal property and structures attached to land, fair market value will now be calculated using "replacement cost new less depreciation," which means determining the current cost to replace an asset and then subtracting a percentage to account for the asset's age and condition. Third, for mine products, fair market value continues to be determined by existing specific statutes. The bill also requires the Department of Revenue to develop and prescribe manuals, formulas, and methods for establishing property values to ensure uniform valuation across property classes. Additionally, the bill mandates that the Department of Revenue adopt implementing rules by January 1, 2026, and sets the effective date for these changes as January 1, 2026, giving local governments and assessors time to prepare for the new valuation approach.

Budget and Finance

https://www.wyoleg.gov/Legislation/2025/SF0182