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HB0157 • 2024

Use of full fair market value in taxation.

AN ACT relating to taxation; clarifying that rules related to establishing fair market value for property taxes shall be consistent with the statutory definition of fair market value; and providing for an effective date.

Taxes
Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor
Representative Locke
Last action
2024-02-13
Official status
inactive
Effective date
3/1/2024

Plain English Breakdown

The bill summary text was not provided, and only the official digest and bill text were available. The candidate explanation included details about county assessors' roles and specific valuation processes which are not directly supported by the given sources.

Clarifying Fair Market Value for Property Taxes

The bill aims to ensure that rules used to determine the fair market value of property for tax purposes are consistent with a specific legal definition.

What This Bill Does

  • Changes the law to make sure rules about finding fair market value match the official definition in the state's laws.

Who It Names or Affects

  • Property owners who pay taxes

Terms To Know

Fair Market Value
The price at which property would sell in a competitive market between informed parties.
Property Taxation
A tax on the value of property owned by individuals or businesses.

Limits and Unknowns

  • The bill did not pass and was not signed into law.
  • It is unclear how many people would be affected since it did not become a law.

Bill History

  1. 2024-02-13 House

    H Failed Introduction 30-31-1-0-0

  2. 2024-02-12 House

    H Received for Introduction

  3. 2024-02-12 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
24LSO-0550
2024
STATE OF WYOMING
24LSO-0550
Numbered
2.0

HOUSE BILL NO. HB0157

Use of full fair market value in taxation.

Sponsored by: Representative(s) Locke, Allemand, Bear, Haroldson, Heiner, Jennings, Pendergraft, Rodriguez-Williams, Strock, Styvar and Ward and Senator(s) Hutchings and Ide

A BILL

for

AN ACT relating to taxation; clarifying that rules related to establishing fair market value for property taxes shall be consistent with the statutory definition of fair market value; and providing for an effective date.

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

Section 1.

W.S. 39
‑
11
‑
102(c)(xv) and 39
‑
13
‑
103(b)(ii) are amended to read:

39
‑
11
‑
102.

Administration; confidentiality; department of revenue.

(c)

In addition to the other powers and duties imposed by law, the department shall:

(xv)

Consistent with the definition of fair market value as provided in W.S. 39
‑
11
‑
101(a)(vi), p
rescribe
and implement
the system of establishing the fair market value of all property valued for property taxation to ensure that all property within a class is uniformly valued. The county assessor and the facilities of his office, together with the deputy assessors and clerical assistants in each county, at the direction of the department, shall give full aid in the installation of the prescribed system in the county. The county shall also furnish the necessary supplies and records for installing the system;

39
‑
13
‑
103.

Imposition.

(b)

Basis of tax.

The following shall apply:

(ii)

All taxable property shall be annually valued at its fair market value.

Except as otherwise provided by law for specific property
and consistent with the definition of fair market value as provided by W.S. 39
‑
11
‑
101(a)(vi)
, the department shall prescribe
and implement
by rule and regulation the appraisal methods and systems for determining fair market value using generally accepted appraisal standards
. All appraisal methods and standards under this paragraph shall be consistent with the definition of fair market value as provided by W.S. 39
‑
11
‑
101(a)(vi)
;

Section 2
.

This act is effective July 1, 2024
.

(END)

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HB0157