SF0161

Establishes a rebuttable presumption that acquisition value equals fair market value for residential real property acquired on or after January 1, 2026, and sets valuation baselines for residential property based on acquisition dates.

• For residential real property acquired on or before December 31, 2019, establishes base year value as fair market value on January 1, 2019. (W.S. 39-13-103(b)(xviii)(A)(I))
• For residential real property acquired between January 1, 2020 and December 31, 2025, establishes base year value as fair market value on January 1 of the acquisition year. (W.S. 39-13-103(b)(xviii)(A)(II))
• Creates a rebuttable presumption that acquisition value equals fair market value for residential real property acquired on or after January 1, 2026, which serves as the base year value for taxation purposes. (W.S. 39-13-103(b)(xviii)(A)(III))
• Allows the acquisition value presumption to be rebutted by clear evidence that the transaction price was not fair market value due to undue influence or non-arm's-length terms, or if the property owner fails to submit sufficient documentation of acquisition value. (W.S. 39-13-103(b)(xviii)(A)(IV))
• Requires adjustment of base year value to account for increases from new construction or significant additions to residential real property, with values determined by actual or average construction costs as established by department rules. (W.S. 39-13-103(b)(xviii)(B))
• Specifies that base year value remains the fair market value until property ownership transfers to a new person, at which point the property is revalued under the acquisition value framework. (W.S. 39-13-103(b)(xviii)(C))
• Defines residential real property as dwellings housing no more than four families, including detached garages and up to thirty-five acres, and excludes certain transfers between spouses, pursuant to court orders, to trusts, and to related corporate entities from triggering revaluation. (W.S. 39-13-103(b)(xviii)(D))
• Makes sworn statements regarding acquisition value residential property available to assessors, boards of equalization, and the department of revenue for valuation purposes, while maintaining confidentiality requirements.