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SF0182 • 2025

Property tax valuation-fair market value.

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
Inactive

Wyoming marks this bill as inactive, which usually means it is no longer moving in the current session.

Sponsor
Senator Dockstader
Last action
2025-03-03
Official status
inactive
Effective date
3/1/2025

Plain English Breakdown

The official source material does not provide specific details on how fair market values for agricultural land will be determined, nor does it specify if all property types are covered by this change.

Property Tax Valuation Changes

This bill changes how property taxes are calculated by updating the definition of fair market value for certain types of property.

What This Bill Does

  • Changes the way fair market value is determined for personal property and structures attached to land, using replacement cost new minus depreciation instead of other methods.
  • Updates related laws to match these changes.
  • Requires the Department of Revenue to create rules by January 1, 2026, to put these changes into practice.

Who It Names or Affects

  • Property owners who have personal property or structures attached to land.
  • The Department of Revenue and county assessors who will implement the new rules.

Terms To Know

Replacement cost new
The current price needed to replace an item with a similar one, brand new.
Depreciation
A decrease in the value of something over time due to wear and tear or age.

Limits and Unknowns

  • The bill does not provide details on how fair market values for agricultural land will be determined.
  • It is unclear if all property types are covered by this change, as it only specifies personal property and structures attached to land.
  • This bill was marked inactive in Wyoming, meaning it did not move forward in the current session.

Bill History

  1. 2025-03-03 Senate

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

  2. 2025-02-10 Senate

    S No report prior to CoW Cutoff

  3. 2025-01-28 Senate

    S Introduced and Referred to S03 - Revenue

  4. 2025-01-27 Senate

    S Received for Introduction

  5. 2025-01-25 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
25LSO-0769
2025
STATE OF WYOMING
25LSO-0769
Numbered
2.0

SENATE FILE NO. SF0182

Property tax valuation-fair market value.

Sponsored by: Senator(s) Dockstader and Representative(s) Erickson

A BILL

for

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.

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

Section 1.

W.S. 39
‑
11
‑
101(a)(vi) and 39
‑
11
‑
102(c)(xv) are amended to read:

39
‑
11
‑
101.

Definitions.

(a)

As used in this act unless otherwise specifically provided:

(vi)

"Fair market value" means
:

(A)

For land,
the amount in cash, or terms reasonably equivalent to cash, a well informed buyer is justified in paying for a property and a well informed seller is justified in accepting, assuming neither party to the transaction is acting under undue compulsion, and assuming the property has been offered in the open market for a reasonable time, except, fair market value of agricultural land shall be determined as provided by W.S. 39
‑
13
‑
103(b)(x)
;
and fair market value of

(B)

For personal property and for appurtenances, including structures, affixed to land, the replacement cost new of the property, less depreciation;

(C)

For
mine products
, fair market value
shall be determined as provided by W.S. 39
‑
14
‑
103(b), 39
‑
14
‑
203(b), 39
‑
14
‑
303(b), 39
‑
14
‑
403(b), 39
‑
14
‑
503(b), 39
‑
14
‑
603(b) and 39
‑
14
‑
703(b)
.
;

39
‑
11
‑
102.

Administration; confidentiality; department of revenue.

(c)

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

(xv)

Prescribe
the system of establishing
manuals, formulas, methods or systems required to establish
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
any
prescribed system in the county. The county shall also furnish the necessary supplies and records for installing
the
any
system
under this paragraph
;

Section 2
.

The department of revenue shall adopt rules necessary to implement this act not later than January 1, 2026.

Section 3
.

(a)

Except as provided in subsection (b) of this section, this act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(b)

Section 1 of this act is effective January 1, 2026
.

(END)

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SF0182