Establishes the fair market value for residential real property in Wyoming for tax purposes.
The bill amends Wyoming statutes to establish the fair market value for residential real property for tax purposes. It sets the base year value for residential real property based on the fair market value on January 1, 2019, or the date of acquisition if after that. For property acquired on or after January 1, 2028, the fair market value is determined based on average construction costs in the state. The bill also mandates the creation of an index to review residential property values across the state and requires adjustments based on increases or decreases in property values.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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