(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)
Impact
If enacted, this amendment would modify how property taxes on homesteads are assessed, officially expanding the taxable base while still providing importantly retained protections for most homeowners through the larger exemption. Additionally, the bill asserts that this adjustment shall not trigger or necessitate a reappraisal of property values or adjustments to tax rates, establishing stability in the taxation process during the transition to the new exemption criteria. This approach ensures that local governments can anticipate stable revenue without fluctuations caused by individual property appraisals.
Summary
House Bill 331 proposes a constitutional amendment regarding the assessed valuation at which homestead exemptions apply. Specifically, it seeks to impose property taxes on the first $10,000 of a homestead's fair market value while retaining the current exemption of $75,000 for the value above that threshold. This amendment aims to adjust the existing provisions in the Louisiana constitution, which previously exempted only the first $7,500 of assessed valuation, effectively changing the tax dynamics for homeowners in the state.
Sentiment
The sentiment around HB 331 appears mixed. Supporters argue that this will lead to a fairer tax system by increasing revenue from property taxes without overburdening homeowners, while critics may see this as an unwanted burden on property owners, complicating the tax landscape. The proposed alterations have given rise to discussions about the sustainability and fairness of taxation in relation to property ownership and the increment of government revenue needs.
Contention
Notable points of contention include concerns about the amendment's long-term implications for funding local services and government needs, given that it limits the potential for property tax revenue under the new structure. Additionally, some lawmakers and community members may argue against any increase in tax burdens, emphasizing the need to balance public revenue generation with the economic realities of homeowners. The debate reflects broader tensions in discussions regarding fiscal responsibility and community service funding.
(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)
(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) Authorizes local elections to establish the level of assessed valuation of property at which the homestead exemption applies (OR INCREASE LF RV See Note)
(Constitutional Amendment) Increases the homestead exemption and provides for adjustment of the exemption after reappraisal (OR SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Increases the homestead exemption and provides for adjustment of the exemption after reappraisal (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)