Louisiana 2010 Regular Session

Louisiana Senate Bill SB20

Introduced
3/29/10  
Refer
3/29/10  
Report Pass
4/12/10  
Engrossed
4/15/10  
Refer
4/19/10  
Report Pass
5/19/10  
Enrolled
6/16/10  
Chaptered
7/2/10  

Caption

Subject to adoption of proposed consitutional amendment, authorizes extensions of the homestead exemption and/or the special assessment level for owners who are unable to reoccupy their homesteads within the five-year period set forth in present law. (See Act) (EN INCREASE LF EX See Note)

Impact

If enacted, SB 20 would modify the statutory requirements under R.S. 47:1703(E) of the Louisiana Revised Statutes. Homeowners who cannot reoccupy their homestead due to damage would be able to maintain their exemption status by filing an affidavit of intent to return within a ten-year window instead of the current five-year requirement. This change aims to reduce the pressure on homeowners to quickly rebuild following a disaster and acknowledges the long and often challenging recovery timeline faced by many victims of such events.

Summary

Senate Bill 20 aims to amend the existing laws regarding homestead exemptions and special assessments in cases where properties are damaged or destroyed due to disasters or emergencies. The bill is a companion measure to a proposed constitutional amendment that seeks to extend the timeframe for property owners to reoccupy their damaged homesteads and retain their tax benefits from five years to ten years. This legislative change is designed to provide relief and more flexibility for homeowners recovering from significant disruptions brought on by disasters, thereby fostering a more supportive environment for affected residents.

Sentiment

The sentiment surrounding SB 20 is generally positive among stakeholders who advocate for disaster recovery and property rights. Supporters assert that extending the reoccupation period will significantly aid homeowners in returning to their residences without facing immediate financial repercussions. However, there are concerns from some budget analysts about the long-term implications on state revenues due to prolonged exemptions which could affect local government funding mechanisms, emphasizing a balance that must be struck between taxpayer relief and fiscal sustainability.

Contention

Notably, the major point of contention pertains to the balance between providing necessary support for homeowners affected by disasters and ensuring that local and state revenues remain stable. Some critics argue that extending the exemption period might lead to potential abuse or delayed recovery efforts among some homeowners. The discussions highlight the delicate nature of legislative changes that impact tax policy, particularly when they intersect with economic recovery and public funding.

Companion Bills

No companion bills found.

Previously Filed As

LA SB75

Extends from 20 to 25 years the length of service for the assessor of Acadia Parish to be responsible for the payment of certain insurance premiums. (7/1/10) (EG SEE FISC NOTE LF EX)

LA SB273

Designates a portion of Interstate 20 in Ouachita Parish in honor of certain servicemen who lost their lives in the Iraq war. (8/15/10)

LA SB505

Statutorily creates the Louisiana Go Grant Program. (gov sig) (EN NO IMPACT See Note)

LA SB759

Creates the Madison Parish Economic and Industrial Development District. (gov sig)

Similar Bills

FL H1105

Rescinding a Homestead Exemption Application

FL H0775

Assessment of Homestead Property

NJ A3065

Establishes pilot program in Division of Taxation to provide income tax credits for the opening of certain homesteads to hunting activities in areas with high number of wildlife incidents.

NJ A110

Revises criteria to establish base year for homestead property tax reimbursement after relocation.

NJ S1756

Revises criteria to establish base year for homestead property tax reimbursement after relocation.

AZ SB1582

Homestead exemptions; amount

FL H1649

Property Tax Administration

IL HB3070

PROP TX-LONG TIME OCCUPANT