| 1 | 1 | | 2025 |
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| 2 | 2 | | STATE OF WYOMING |
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| 3 | 3 | | 25LSO-07691SF0182 |
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| 4 | 4 | | SENATE FILE NO. SF0182 |
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| 5 | 5 | | Property tax valuation-fair market value. |
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| 6 | 6 | | Sponsored by: Senator(s) Dockstader and Representative(s) |
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| 7 | 7 | | Erickson |
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| 8 | 8 | | A BILL |
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| 9 | 9 | | for |
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| 10 | 10 | | 1 AN ACT relating to property taxation; revising the |
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| 11 | 11 | | 2 definition of fair market value to include replacement cost |
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| 12 | 12 | | 3 new less depreciation for specified property; making |
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| 13 | 13 | | 4 conforming amendments; requiring rulemaking; and providing |
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| 14 | 14 | | 5 for effective dates. |
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| 15 | 15 | | 6 |
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| 16 | 16 | | 7 |
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| 17 | 17 | | 8 |
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| 18 | 18 | | 9W.S. 39-11-101(a)(vi) and 39-11-102(c)(xv) |
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| 19 | 19 | | 10 are amended to read: |
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| 20 | 20 | | 11 |
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| 21 | 21 | | 12 |
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| 22 | 22 | | 13 |
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| 23 | 23 | | 14 (a) As used in this act unless otherwise specifically |
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| 24 | 24 | | 15 provided: 2025STATE OF WYOMING25LSO-07692SF0182 |
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| 25 | 25 | | 1 |
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| 26 | 26 | | 2 (vi) "Fair market value" means: |
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| 27 | 27 | | 3 |
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| 28 | 28 | | 4 the amount in cash, or terms |
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| 29 | 29 | | 5 reasonably equivalent to cash, a well informed buyer is |
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| 30 | 30 | | 6 justified in paying for a property and a well informed |
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| 31 | 31 | | 7 seller is justified in accepting, assuming neither party to |
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| 32 | 32 | | 8 the transaction is acting under undue compulsion, and |
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| 33 | 33 | | 9 assuming the property has been offered in the open market |
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| 34 | 34 | | 10 for a reasonable time, except, fair market value of |
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| 35 | 35 | | 11 agricultural land shall be determined as provided by W.S. |
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| 36 | 36 | | 12 39-13-103(b)(x) and fair market value of |
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| 37 | 37 | | 13 |
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| 38 | 38 | | 14 |
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| 39 | 39 | | 15 |
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| 40 | 40 | | 16 |
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| 41 | 41 | | 17 |
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| 42 | 42 | | 18 mine products, fair market value |
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| 43 | 43 | | 19 shall be determined as provided by W.S. 39-14-103(b), |
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| 44 | 44 | | 20 39-14-203(b), 39-14-303(b), 39-14-403(b), 39-14-503(b), |
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| 45 | 45 | | 21 39-14-603(b) and 39-14-703(b).; |
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| 46 | 46 | | 22 2025STATE OF WYOMING25LSO-07693SF01821 |
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| 47 | 47 | | 2 |
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| 48 | 48 | | 3 |
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| 49 | 49 | | 4 (c) In addition to the other powers and duties |
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| 50 | 50 | | 5 imposed by law, the department shall: |
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| 51 | 51 | | 6 |
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| 52 | 52 | | 7 (xv) Prescribe |
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| 53 | 53 | | 8 |
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| 54 | 54 | | 9 the fair market value of all property valued for property |
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| 55 | 55 | | 10 taxation to ensure that all property within a class is |
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| 56 | 56 | | 11 uniformly valued. The county assessor and the facilities of |
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| 57 | 57 | | 12 his office, together with the deputy assessors and clerical |
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| 58 | 58 | | 13 assistants in each county, at the direction of the |
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| 59 | 59 | | 14 department, shall give full aid in the installation of |
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| 60 | 60 | | 15 |
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| 61 | 61 | | 16 furnish the necessary supplies and records for installing |
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| 62 | 62 | | 17any system under this paragraph; |
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| 63 | 63 | | 18 |
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| 64 | 64 | | 19. The department of revenue shall adopt |
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| 65 | 65 | | 20 rules necessary to implement this act not later than |
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| 66 | 66 | | 21 January 1, 2026. |
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| 67 | 67 | | 22 2025STATE OF WYOMING25LSO-07694SF01821. |
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| 68 | 68 | | 2 |
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| 69 | 69 | | 3 (a) Except as provided in subsection (b) of this |
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| 70 | 70 | | 4 section, this act is effective immediately upon completion |
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| 71 | 71 | | 5 of all acts necessary for a bill to become law as provided |
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| 72 | 72 | | 6 by Article 4, Section 8 of the Wyoming Constitution. |
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| 73 | 73 | | 7 |
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| 74 | 74 | | 8 (b) Section 1 of this act is effective January 1, |
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| 75 | 75 | | 9 2026. |
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| 76 | 76 | | 10 |
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| 77 | 77 | | 11 (END) |
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