(Constitutional Amendment) Authorizes local elections to establish the level of assessed valuation of property at which the homestead exemption applies (OR INCREASE LF RV See Note)
Impact
The potential impact of HB 675 on state laws is significant. By decentralizing the authority to determine homestead exemption levels, the bill enables parishes to tailor their property tax laws to better fit local economic conditions and community needs. This could lead to variations in tax relief depending on the parish, allowing those areas with different economic challenges or housing realities to establish exemptions that reflect their particular circumstances.
Summary
House Bill 675 proposes a constitutional amendment allowing parishes in Louisiana to conduct local elections to determine the assessed valuation at which the homestead exemption applies. This amendment seeks to provide local governing authorities with the power to set the threshold for the homestead exemption, which is currently standardized across the state. This bill does not alter the amount of the exemption, which remains at $7,500 of assessed valuation, equating to a $75,000 fair market value. The proposal aims to give local voters a direct say in setting this critical tax exemption level.
Sentiment
The sentiment surrounding the bill appears to be mixed among lawmakers and constituents. Supporters argue that the amendment promotes local autonomy and reflects the unique circumstances of different localities, allowing communities to have control over their tax policies. Conversely, there are concerns about the potential for disparities between parishes, leading to inequities in tax burdens and benefits. Critics might fear that it could result in a patchwork system of exemptions that complicates the overall understanding of property tax in the state.
Contention
Notable points of contention regarding HB 675 involve the fear that allowing parishes to set their own exemption levels could create significant disparities in property tax burdens across different regions. While proponents believe this will empower local communities, opponents caution that it might lead to unintended consequences, such as wealthier parishes benefiting from more favorable exemptions compared to poorer areas. The broader debate encapsulates issues of local vs. state control in fiscal policy and the implications of providing local governments with greater flexibility in taxation matters.
(Constitutional Amendment) Increases the level of assessed valuation of property at which the homestead exemption applies (OR +$108,000,000 LF RV See Note)
(Constitutional Amendment) Increases the level of assessed valuation of property at which the homestead exemption applies and authorizes the deferral of property taxes for certain property owners (OR INCREASE LF RV See Note)
(Constitutional Amendment) Increases the amount of the homestead exemption and the level of a homestead's assessed valuation at which the homestead exemption applies (OR SEE FISC NOTE LF RV)
Provides for procedures relating to local option elections for establishing the level of assessed valuation of property at which the homestead exemption applies in a parish (OR INCREASE LF RV See Note)
(Constitutional Amendment) Provides with respect to the amount of assessed valuation at which the homestead exemption applies (OR +$40,000,000 LF RV See Note)
Constitutional amendment to increase the homestead exemption to $15,000 of the assessed valuation and provides for annual adjustment in accordance with the Consumer Price Index. (1/1/11) (2/3 - CA13s1(A)) (OR SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Authorizes an extension of the homestead exemption and special assessment level for property damaged or destroyed by a disaster under certain circumstances (RR1 INCREASE LF EX See Note)
Proposing a constitutional amendment establishing a limitation on the total amount of ad valorem taxes that political subdivisions may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.
Proposing a constitutional amendment relating to the calculation of a limitation on the total amount of ad valorem taxes that may be imposed by certain political subdivisions on the residence homestead of a person who is elderly or disabled.
Proposing a constitutional amendment to appropriate money from the economic stabilization fund to the foundation school fund and use the money to finance a temporary increase in the amount of the exemption of residence homesteads from ad valorem taxation by a school district and a temporary reduction in the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect the increased exemption amount.
Constitutional amendment to extend the time in which the owner of a homestead must reoccupy the homestead in order to retain the homestead's homestead exemption or its special assessment level and to provide for claiming the extension. (1/01/11)(2/3-CA13s1(A)) (EN INCREASE LF EX See Note)