Bill
SF 182
Wyoming SF 182 would redefine fair market value for personal property and buildings as replacement cost new minus depreciation, guiding uniform valuation rules by Jan 1, 2026.
Status: Introduced February 3, 2025; S:Died in Committee — Returned Bill Pursuant to SR 5-4
Sponsors: Sen. Taylor (primary), Sen. Dockstader (primary); Rep. Erickson (cosponsor)
Note on source documents
- The provided materials include text from multiple, unrelated drafts (family‑law language about “educational setting” and custody appears to have been included in error). The substantive provisions described below reflect the Wyoming fiscal/property tax language in the bill labeled SF 182 / 25LSO‑0769.
Purpose and intent
- To revise the statutory definition of “fair market value” used for property taxation, explicitly adopting replacement cost new less depreciation as the measure of fair market value for personal property and appurtenances (including structures affixed to land). The bill also directs the Department of Revenue to adopt implementing rules and valuation systems.
Key provisions
- Amends W.S. 39‑11‑101(a)(vi) (definition of “fair market value”):
- For land: retains existing cash/market transaction definition.
- For personal property and appurtenances (including structures affixed to land): defines fair market value as “replacement cost new of the property, less depreciation.”
- Cross‑references and conforming language for statutes tied to assessments are adjusted accordingly.
- Amends W.S. 39‑11‑102(c)(xv) (Department of Revenue duties):
- Confirms the Department’s authority and duty to prescribe manuals, formulas, methods or systems to establish uniform fair market value valuation for property used in property taxation.
- Requires counties to assist with implementing any prescribed system.
- Rulemaking and implementation deadline:
- The Department of Revenue must adopt rules necessary to implement the act no later than January 1, 2026.
- Effective dates:
- Most of the act is effective immediately upon completion of the acts necessary to become law; Section 1 (the definition change) is effective January 1, 2026.
Who would be affected
- Property taxpayers owning personal property and appurtenances (including buildings/structures affixed to land) whose taxable value is determined under state/local property tax law.
- County assessors, deputy assessors, and assessor offices responsible for valuation and assessment.
- Wyoming Department of Revenue (rule drafting, manuals, valuation systems).
- Local governments/ taxing entities may see valuation and revenue impacts depending on how assessed values change.
Fiscal impact
- The fiscal note submitted states the fiscal or personnel impact is not determinable due to insufficient time to complete the fiscal note process. Potential effects could include:
- Changes in assessed values for affected property classes (could increase or decrease revenues depending on prior valuation methods vs. replacement‑cost‑less‑depreciation outcomes).
- Administrative costs for the Department of Revenue and county assessor offices to adopt new manuals, systems, and training.
Procedural history (selected)
- Bill assigned SF 182 (25LSO‑0769); introduced Feb 3, 2025.
- Referred to Revenue; subcommittee hearings and recommendations occurred in February 2025.
- Committee report (03/05/2025) renumbered the bill as SF 515.
- Final status: S:Died in Committee — Returned Bill Pursuant to SR 5‑4.
Implications and considerations
- The shift to an explicit “replacement cost new less depreciation” standard for personal property/appurtenances clarifies methodology but may materially change assessed values compared with previous approaches (market sales, income, or other cost approaches previously used).
- Uniform implementation will depend on Department of Revenue rules and county capacity to apply them by the January 1, 2026 date.
Compiled from official sources — confirm details with the bill’s official record.
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