Use of full fair market value in taxation.

HB 157 clarifies that Wyoming property tax valuations must consistently follow the state law definition of "fair market value" as specified in W.S. 39-11-101(a)(vi). The bill requires county assessors and the Department of Revenue to use appraisal methods aligned with this definition when annually valuing taxable property. It directly affects property taxpayers and local assessors by mandating uniform valuation practices under existing tax statutes. The bill, which failed committee passage in February 2024, takes effect July 1, 2024, if enacted.