SF0182

Failed

Property tax valuation-fair market value.

Define fair market value for property tax purposes to include replacement cost new less depreciation for certain property.

Full legal title

AN ACT relating to property taxation; revising the definition of fair market value to include replacement cost new less depreciation for specified property; making conforming amendments; requiring rulemaking; and providing for effective dates.

Taxes

Sponsor:

Co-sponsors: Representative(s) Erickson

View on wyoleg.gov Introduced Text (PDF)Digest (PDF)Fiscal Note (PDF)

What does this bill do?

Revises the definition of fair market value for property tax purposes to include replacement cost new less depreciation for personal property and structures affixed to land.

Amends the definition of fair market value to establish that for personal property and appurtenances (including structures) affixed to land, fair market value means the replacement cost new of the property less depreciation, while retaining the existing definition for land and mine products. (W.S. 39-11-101(a)(vi), Sec. 1)
Requires the Department of Revenue to prescribe systems, manuals, formulas, methods or systems to establish fair market value for all property valued for taxation to ensure uniform valuation within each property class, with county assessors providing aid in implementing the prescribed system. (W.S. 39-11-102(c)(xv), Sec. 1)
Requires the Department of Revenue to adopt rules necessary to implement the act by January 1, 2026. (Sec. 2)

Effective: January 1, 2026

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Actions (5)

3/3/2025(Senate)

S:Died in Committee Returned Bill Pursuant to SR 5-4

2/10/2025(Senate)

S No report prior to CoW Cutoff

1/28/2025(Senate)

S Introduced and Referred to S03 - Revenue

1/27/2025(Senate)

S Received for Introduction

1/25/2025(LSO)

Bill Number Assigned