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SF0039 • 2020

Statements of consideration.

AN ACT relating to property; amending requirements related to filing instruments related to the transfer of property; specifying exceptions to the filing requirements; making conforming changes; and providing for an effective date.

Taxes
Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Revenue
Last action
2020-03-12
Official status
enrolled
Effective date
7/1/2020

Plain English Breakdown

The official summary does not specify which types of property transfers can omit certain details, leaving this aspect unclear.

Changes to Property Transfer Statements

The bill revises requirements for statements of consideration when transferring real property in Wyoming.

What This Bill Does

  • Revises the information needed on statements when property is transferred.
  • Specifies that certain details about payment and value can be omitted from the statement under specific conditions.
  • Moves rules related to reviewing these statements from one part of the law to another.

Who It Names or Affects

  • People who transfer real estate in Wyoming
  • County clerks who record property transactions

Terms To Know

statement of consideration
A document that lists details about a property sale, like the price and terms.
county clerk
An official who records documents related to property transfers in Wyoming counties.

Limits and Unknowns

  • The bill does not specify which types of property transfers can leave out certain details.
  • It is unclear how the changes will affect property tax assessments and valuations.

Bill History

  1. 2020-03-12 LSO

    Assigned Chapter Number 72

  2. 2020-03-12 Governor

    Governor Signed SEA No. 0027

  3. 2020-03-09 House

    H Speaker Signed SEA No. 0027

  4. 2020-03-06 Senate

    S President Signed SEA No. 0027

  5. 2020-03-06 LSO

    Assigned Number SEA No. 0027

  6. 2020-03-06 House

    H 3rd Reading:Passed 51-7-2-0-0

  7. 2020-03-05 House

    H 2nd Reading:Passed

  8. 2020-03-04 House

    H COW:Passed

  9. 2020-03-02 House

    H Placed on General File

  10. 2020-03-02 House

    H03 - Revenue:Recommend Do Pass 8-0-1-0-0

  11. 2020-02-28 House

    H Introduced and Referred to H03 - Revenue

  12. 2020-02-14 House

    H Received for Introduction

  13. 2020-02-14 Senate

    S 3rd Reading:Passed 29-0-1-0-0

  14. 2020-02-13 Senate

    S 2nd Reading:Passed

  15. 2020-02-12 Senate

    S COW:Passed

  16. 2020-02-11 Senate

    S Placed on General File

  17. 2020-02-11 Senate

    S03 - Revenue:Recommend Do Pass 5-0-0-0-0

  18. 2020-02-10 Senate

    S Introduced and Referred to S03 - Revenue 29-0-1-0-0

  19. 2020-02-07 Senate

    S Received for Introduction

  20. 2020-01-13 LSO

    Bill Number Assigned

Official Summary Text

Bill Summary - 20LSO-0092
Bill No.:

SF0039

Effective:

7/1/2020 12:00:00 AM

LSO No.:

20LSO-0092

Enrolled Act No.:

SEA No. 0027

Chapter No.:

72

Prime Sponsor:

Joint Revenue Interim Committee

Catch Title:

Statements of consideration.

Subject:

Statements of consideration.

Summary/Major Elements:

The act revises requirements related to statements of consideration for transfers of real property by specifying the information that is required to be provided for all property transfers.

The act also specifies that certain information related to the amount paid and the value of the property may be omitted from the statement of consideration for specific types of property transfers.

The act relocates provisions related to the review of statements of consideration from title 34 to title 39 of the Wyoming statutes.
The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.

Current Bill Text

Read the full stored bill text
20LSO-0092

ORIGINAL Senate

File No
.
SF0039

ENROLLED ACT NO. 27,

SENATE

SIXTY-FIFTH LEGISLATURE OF THE STATE OF WYOMING
2020 Budget Session

AN ACT relating to property; amending requirements related to filing instruments related to the transfer of property; specifying exceptions to the filing requirements; making conforming changes; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.

W.S. 34
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1
‑
119(a), 34
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1
‑
142(a), (b), (c)(intro), (e) and (g)(intro) and 39
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13
‑
109(a) are amended to read:

34
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1
‑
119.

Duties of county clerk generally.

(a)

The county clerk of each county within this state shall receive and record at length all deeds, mortgages, conveyances, patents, certificates and instruments left with him for that purpose, and he shall endorse on every such instrument the day and hour on which it was filed for record. The county clerk shall not record any document until the address of the grantee, mortgagee or assignee of the mortgagee is furnished to the county clerk, but this requirement shall not affect the validity of the recording of any instrument
except to the extent provided in W.S. 34
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1
‑
142(b)
. Only instruments which are the originally signed documents, including electronic documents recorded pursuant to the Uniform Real Property Electronic Recording Act, W.S. 34
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1
‑
401 through 34
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1
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407, or properly certified or authenticated copies thereof may be properly recorded. A document is properly certified if in compliance with Rule 902 of the Wyoming Rules of Evidence or other applicable rule or statute.

34
‑
1
‑
142.

Instrument transferring title to real property; procedure; exceptions; confidentiality.

(a)

When a deed, contract or other document transferring legal or equitable title to real property
, including instruments conveying ownership of structures on lands not owned by the transferring party,
is presented to a county clerk for recording, the instrument shall be accompanied by a statement under oath by the grantee or his agent disclosing the name of the grantor and grantee,
the addresses and contact information of the grantor and grantee,
the date of transfer, date of sale, a legal description of the property transferred, the actual full amount paid or to be paid for the property, terms of sale and an estimate of the value of any nonreal property included in the sale.

(b)

No instrument evidencing a transfer of real property may be accepted for recording until the
completed
sworn statement is received by the county clerk. The validity or effectiveness of an instrument as between the parties is not affected by the failure to comply with subsection (a) of this section.

(c)

This section does not apply to
For instruments transferring title as described in this subsection, the presenting party may omit from the statement the amount paid or other consideration exchanged for the property, the terms of the sale and an estimate of the value of any nonreal property included in the sale that would otherwise be required to be included in the statement under subsection (a) of this section
:

(e)

The statement is not a public record and shall be held confidential by the county clerk, county assessor,
county board of equalization,
the state board of equalization
and
the department of revenue
.

and when
A statement may be
disclosed
under subsection (g) of this section,
pursuant to W.S. 39
‑
13
‑
109(a)(i) to
any person wishing to review or contest his property tax assessment or valuation
.
and the county board of equalization. These statements

The statement
shall not be subject to discovery in any other county or state proceeding.

(g)

Any person or his agent who wishes to review his property tax assessment or who contests his property tax
assessment or valuation in a timely manner pursuant to W.S. 39
‑
13
‑
109(b)(i) is entitled to review statements of consideration for properties of like use and geographic area available to the county assessor in determining the value of the property at issue as provided under W.S. 39
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13
‑
109(b)(i). During a review, the county assessor shall disclose information sufficient to permit identification of the real estate parcels used by the county assessor in determining the value of the property at issue and provide the person or his agent papers of all information, including statements of consideration, the assessor relied upon in determining the property value and including statements of consideration for properties of like use and geographic area which were available to the assessor and are requested by the person or his agent. The county assessor shall, upon request, provide the person or his agent a statement indicating why a certain property was not used in determining the value of the property at issue. The county assessor and the contestant shall disclose those statements of consideration to the county board of equalization in conjunction with any hearing before the
board with respect to the value or assessment of that property.
As used in W.S. 34
‑
1
‑
142 through 34
‑
1
‑
144:

39
‑
13
‑
109.

Taxpayer remedies.

(a)

Interpretation requests.
There are no specific applicable provisions for interpretation requests for this chapter.
The following shall apply:

(i)

Any person or his agent who wishes to review his property tax assessment or who contests his property tax assessment or valuation in a timely manner pursuant to paragraph (b)(i) of this section is entitled to review statements of consideration for properties of like use and geographic area available to the county assessor in determining the value of the property at issue as provided under paragraph (b)(i) of this section. During a review, the county assessor shall disclose information sufficient to permit identification of the real estate parcels used by the county assessor in determining the value of the property at issue and provide the person or his agent papers of all information, including statements of
consideration, the assessor relied upon in determining the property value and including statements of consideration for properties of like use and geographic area which were available to the assessor and are requested by the person or his agent. The county assessor shall, upon request, provide the person or his agent a statement indicating why a certain property was not used in determining the value of the property at issue. The county assessor and the contestant shall disclose those statements of consideration to the county board of equalization in conjunction with any hearing before the board with respect to the value or assessment of that property. As used in this paragraph:

(A)

A "review" is considered the initial meetings between the taxpayer and the county assessor's office pursuant to paragraph (b)(i) of this section;

(B)

"Contest" means the filing of a formal appeal pursuant to paragraph (b)(i) of this section;

(C)

"Geographic area" may include any area requested by the property owner or his agent within the
boundaries of the county in which the subject property is located.

Section 2
.

This act is effective July 1, 2020
.

(END)

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