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Bill Description
AN ACT relating to ad valorem taxation; establishing a rebuttable presumption in favor of acquisition value for specified real property; clarifying the use, disclosure and confidentiality of sworn statements for specified real property; providing definitions; making conforming amendments; requiring rulemaking; and providing for effective dates.
Notes
Residents are tired of incremental adjustments and band-aid measures when it comes to the crushing property tax burden they are facing. They want, and deserve, real property tax reform now.
Finally a tax bill that does just that. HB282 delivers a universal and permanent common sense tax solution by focusing on the acquisition value of residential real property in determining your tax bill. The actual full amount you paid for your property when you bought it, not what it might be worth today.
Specifically, the bill establishes the following changes beginning January 1, 2026
The fair market value of residential real property shall be determined as follows:
- For
any residential real property that was last acquired on or before
December 31, 2019, the base year value for the residential real property
shall be equal to the fair market value of the property on January 1,
2019. This will roll back the property value and tax burden for tens of thousands of Wyoming families to before housing values skyrocketed.
- For any residential real property that was last acquired on or after January 1, 2020 and on or before December 31, 2025, the base year value for the residential real property shall be equal to the fair market value of the property on January 1 of the year the property was last acquired.
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