Bill Description

AN ACT relating to ad valorem taxation; establishing the value of residential real property for purposes of taxation; providing definitions; making conforming amendments; requiring rulemaking; and providing for effective dates.

Notes

House Bill 73 reforms how residential real property is valued for property tax purposes so that tax assessments are tied to fair market value at the time of transfer rather than arbitrary inflationary increases. 

Over the last few years, housing prices in Wyoming jumped quickly, and many people saw their property taxes rise even though they did not sell their home or see any real change in their income.  For many homeowners, this bill effectively claws back property tax values to 2019 fair market prices. That matters because 2019 was before the major spike in housing costs. By using 2019 values as a starting point, the bill helps prevent families from being taxed based on inflated housing prices that they never personally benefited from. 

Going forward, the bill sets a fair baseline for property values and only allows reasonable, predictable adjustments over time instead of sudden jumps. If someone buys a home, their taxes are based on what they actually paid, not an inflated estimate. This creates a system that is easier to understand, more predictable for homeowners, and fairer for people who want to stay in their homes long term. 

This bill becomes effective in 2028 if voters approve a related constitutional amendment that gives the Legislature broader authority over property tax valuation.