Bill No.: SF0012                  Drafter:  MQ

 

LSO No.:  05LSO-0163              Effective Date:  1/1/2005

 

Enrolled Act No.:  SEA0020

 

Chapter No.:       62

 

Prime Sponsor:     Joint Revenue Interim Committee

 

Catch Title:       Intangible property.

 

Subject:  Provides for the inclusion of intangibles into the value of real property for taxation purposes.

 

Summary/Major Elements:

 

·        Amends the definition of "real property" by expressly including any intangible which contributes to the fair market value of the real property for property taxation purposes.

 

Comments:

 

1.  Currently, the issue of intangibles is unsettled due to a recent Wyoming Supreme Court ruling that the statutory definition of intangibles was not limited to the few items listed in the definition.  The issue will be studied further during the 2005 interim by the Joint Revenue Interim Committee.  In the meantime, this bill addresses the issue of inclusion of intangibles into the value of real property.

 

2.  See SF 0009 and SF 0044.