Residential real property-fair market value on transfer.

HB 73 establishes a new method for calculating property taxes on residential real estate in Wyoming, effective January 1, 2028. It sets a "base year value" for residential properties based on acquisition dates: properties bought before 2020 use their 2019 value, those acquired 2020-2027 use their purchase year value, and properties bought in 2028 or later presume the purchase price equals fair market value (unless challenged with evidence of unfair transactions). Annual adjustments will apply using a state index (capped at 2% or CPI) or for major renovations, with actual construction costs used where available. This directly affects all residential property owners subject to ad valorem taxation in Wyoming.