HB0282

Establishes a rebuttable presumption that acquisition value is fair market value for residential real property acquired after January 1, 2026, and modifies property tax valuation procedures and confidentiality rules for residential real property.

• Creates a rebuttable presumption that for residential real property acquired on or after January 1, 2026, the acquisition value (actual full amount paid) is the fair market value and serves as the base year value, unless rebutted by preponderance of evidence showing undue influence or non-arm's-length terms, or if the owner fails to submit sufficient documentation. (W.S. 39-13-103(b)(xviii)(A)(III), W.S. 39-13-103(b)(xviii)(A)(IV))
• Establishes base year values for residential real property: January 1, 2019 for property acquired by December 31, 2019; January 1 of the year acquired for property acquired between January 1, 2020 and December 31, 2025; and acquisition value for property acquired on or after January 1, 2026. (W.S. 39-13-103(b)(xviii)(A)(I), W.S. 39-13-103(b)(xviii)(A)(II), W.S. 39-13-103(b)(xviii)(A)(III))
• Requires annual inflation adjustment to residential real property base year values using the lesser of 2% or the consumer price index, compounding annually, plus adjustments for new construction and significant additions valued at construction costs. (W.S. 39-13-103(b)(xviii)(B))
• Defines residential real property as dwellings designed for not more than four families, including detached garages and associated land up to 35 acres, used as a primary residence. (W.S. 39-13-103(b)(xviii)(D)(II))
• Excludes certain transfers from being treated as acquisitions, including transfers between family members, court-ordered transfers, transfers to trusts for prior owners, transfers to related business entities, charitable donations, and other transfers the department determines should not constitute acquisitions. (W.S. 39-13-103(b)(xviii)(D)(III))
• Makes sworn statements regarding residential real property acquired on or after January 1, 2026 available to county assessors, county boards of equalization, the department of revenue, and state board of equalization for property tax valuation purposes, while maintaining confidentiality requirements. (W.S. 34-1-142(j), W.S. 34-1-142(e))