(Constitutional Amendment) Reduces the amount of ad valorem tax millage which may be imposed by the state (OR SEE FISC NOTE)
Impact
The bill's primary impact would be on state property tax regulations, specifically adjusting the maximum tax rate applied by the state. By lowering the millage rate, the bill seeks to potentially increase the net revenue retained by property owners. Therefore, proponents argue it could alleviate some financial burdens for taxpayers, and they advocate for its approval as an essential step in fiscal responsibility within state taxation policy.
Summary
House Bill 352, introduced by Representative Shadoin, proposes to amend Article VII, Section 19 of the Louisiana Constitution to reduce the maximum amount of ad valorem tax millage that may be imposed by the state. The current limit stands at 5.75 mills, and the proposed change will reduce this cap slightly to 5.74 mills. This constitutional amendment intends to be presented to the voters for approval in the statewide election scheduled for October 14, 2017, and if passed, would take effect on January 1, 2018.
Sentiment
The sentiment around HB 352 appears mixed. Supporters focus on the potential long-term benefits of lowering the tax burden on residents, which could be viewed as a positive move towards greater taxpayer relief and enhanced economic conditions. However, opponents may argue that even minor tax reductions may limit the state’s revenue capabilities, potentially impacting funding for essential public services and infrastructures such as education and healthcare.
Contention
Controversially, while the reduction of tax millage might seem beneficial from a taxpayer perspective, it raises questions about the adequacy of state funding for public services. Critics of the bill might express concerns that such a constitutional amendment could set a precedent for further tax reductions, undermining the state's ability to generate necessary revenues for critical programs. Hence, debates around HB 352 not only encompass fiscal policy but also underscore a wider discourse on the balance between tax relief and maintaining sufficient public service funding.
Constitutional amendment to phase out the ad valorem tax on inventory and to reduce the industrial property tax exemption on millages related to school funding. (2/3 - CA13sl(A)) (OR DECREASE LF RV See Note)
(Constitutional Amendment) Authorizes adjustment of ad valorem tax exempt status for certain nonprofit entities in Orleans Parish and requires downward adjustment of all affected millages to prevent any resulting increase in the amount of taxes collected (OR SEE FISC NOTE LF RV)
(Constitutional Amendment) Provides with respect to the classification and valuation of property for purposes of ad valorem taxation (OR SEE FISC NOTE LF RV)
(Constitutional Amendment) Provides with respect to maximum authorized millage rates and provisions authorizing increases in certain millage rates without voter approval (RR SEE FISC NOTE LF RV See Note)