(Constitutional Amendment) Increases the homestead exemption and requires adjustment of the exemption after reappraisal
Impact
If passed, HB 59 would have a significant impact on the property tax landscape in Louisiana. The increase in the homestead exemption is positioned to alleviate some financial burdens for homeowners, particularly in areas where property values have risen dramatically. Additionally, the built-in adjustment based on the Consumer Price Index ensures that the exemption remains relevant and effective in providing relief from ad valorem taxes on state, parish, and special assessments. This measure could foster a more favorable environment for homeowners and contribute to the stability of residential communities.
Summary
House Bill 59, proposed during the 2015 Regular Session, seeks to amend the Louisiana Constitution to increase the homestead exemption from $75,000 to $100,000. This bill is designed to provide greater tax relief for homeowners by not only enhancing the exemption amount but also mandating that adjustments be made in accordance with changes in the Consumer Price Index following statewide property reappraisals. The proposed amendment to Article VII, Section 20(A)(1) reflects an effort to ensure that homeowners are protected from the adverse effects of rising property taxes over time.
Sentiment
The sentiment around HB 59 appears to be favorable among homeowners and proponents of tax reform, as it represents a direct benefit to those with primary residences. Advocates see it as a crucial step in addressing property tax concerns, highlighting the bill's potential to enhance financial security for families. However, there may be resistance from certain fiscal conservative groups concerned about the implications of increased exemptions on state and local government revenues, which could fuel debates regarding budget allocations and funding for public services.
Contention
One notable point of contention surrounding HB 59 is the sustainable impact of increasing the homestead exemption by such a significant margin. Critics argue that while the exemption provides immediate relief to homeowners, it might strain local government resources in terms of tax revenue, potentially leading to cuts in essential services or increased taxes on non-homestead properties. Debate is expected around the balance between providing necessary tax relief and maintaining adequate funding for public services, as the bill challenges traditional views on how property tax systems should be managed.
(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) 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) 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) 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 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)