Increases the fees levied by the La. Tax Commission for assessment of certain properties (EN +$120,000 SD RV See Note)
Impact
The impact of HB 155 appears significant on state law, particularly in how ad valorem taxes are assessed. By allowing for increased fees for assessment, the bill is expected to provide additional revenue to the Louisiana Tax Commission, potentially enhancing the state’s financial stability. This could also streamline and increase the efficiency of tax assessments related to public service entities and financial institutions, formalizing a method for the ongoing collection of these fees from entities benefitting from state resources.
Summary
House Bill 155 aims to amend the existing provisions regarding ad valorem property tax assessments in Louisiana, specifically focusing on the fees levied by the Louisiana Tax Commission. The bill grants the Tax Commission the authority to impose certain assessment fees on public service properties, insurance companies, and financial institutions. The proposed changes involve adjustments to the rates of these fees over specified periods, ultimately designed to enhance revenue collection for the state through property tax assessments.
Sentiment
The sentiment surrounding HB 155 is largely supportive among legislative proponents, who view the bill as a necessary adjustment to ensure fair taxation and adequate funding for the Tax Commission's oversight activities. However, there may be opposing views from affected entities concerned about increased costs associated with these new and higher assessment fees. The legislative history indicates a general consensus on the importance of funding for state services, though the specifics of fee increases could generate localized pushback.
Contention
Notable points of contention discussed during the legislative sessions include the appropriateness of increasing assessment fees and the potential impact on financial institutions and insurance companies. Some legislators raised concerns about how these fees might affect the operational costs of these entities, potentially leading to higher costs for consumers. Additionally, there were discussions on whether the benefits derived from the bill would sufficiently outweigh the burdens placed on these companies, underscoring the broader debate on tax policy and state funding solutions.
Extends authority for imposition of certain fees levied by the Louisiana Tax Commission for the assessment of certain properties (EN SEE FISC NOTE SG RV See Note)
Provides with respect to the development of appraisals and assessments of public service properties by the La. Tax Commission (OR INCREASE GF EX See Note)
Provides with respect to the development of appraisals and assessments of public service properties by the La. Tax Commission (EN NO IMPACT GF EX See Note)
Provides for the inspection of assessment lists, challenges to the correctness of assessments, and reviews by boards of review and the La Tax Commission (EG NO IMPACT See Note)
Provides for the homestead exemption, special assessment level, and other property tax exemptions for purposes of determining ad valorem taxation of certain property (Items #1 and 10) (EN SEE FISC NOTE LF RV See Note)