Bill > HB0073

This bill establishes a new method for determining the fair market value of residential real property for ad valorem taxation purposes, which is the value used to calculate property taxes. Starting January 1, 2028, the fair market value will be based on a "base year value" that is determined when the property is last acquired. For properties acquired on or before December 31, 2019, the base year value will be its fair market value on January 1, 2019. For properties acquired between January 1, 2020, and December 31, 2027, the base year value will be its fair market value on January 1 of the year it was acquired. When a property is acquired on or after January 1, 2028, the price paid is presumed to be the fair market value, unless this presumption is rebutted by evidence of undue influence or non-arm's-length transactions, or if the owner doesn't provide sufficient information about the price paid. This base year value will then be adjusted annually by an inflation factor, capped at 2% or the rate of the consumer price index, whichever is lower, unless property values are decreasing, in which case the value will be reduced accordingly. The value will also be increased to account for new construction or significant additions, with their value determined by construction costs. The fair market value will be reassessed to a new base year value each time the property is transferred to a new owner, with certain transfers, such as between spouses, parents and children, to trusts, or to certain business entities where the original owner retains significant interest, excluded from this reassessment trigger. The bill also mandates rulemaking by the department of revenue to implement these provisions and specifies that the changes will take effect on January 1, 2028, contingent on the adoption of a constitutional amendment.

Revenue (Joint)

https://www.wyoleg.gov/Legislation/2026/HB0073