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