Constitutional amendment to limit the increase in the assessed value of real or immovable property upon reappraisal to the increase in the CPI except in certain circumstances. (1/1/11) (2/3 - CA13s1(A)) (OR SEE FISC NOTE LF RV)
Impact
Should this bill pass, it will amend Article VII of the Louisiana Constitution, fundamentally changing how property taxes are assessed. Properties would be required to undergo reappraisal at intervals of no more than four years, with the cap on increase percentages serving as a protective measure for property owners. However, exceptions exist for properties that change ownership, particularly in cases of succession. Properties inherited by a spouse or direct descendants may not be subjected to the same increase limits, thus enabling a smoother transition for families managing inherited property.
Summary
Senate Bill 24 proposes a constitutional amendment aiming to limit the increase in the assessed value of real or immovable property upon reappraisal to no more than the percentage change in the Consumer Price Index (CPI). This legislation seeks to establish consistency in property tax assessments across Louisiana and provide taxpayers with some stability against rapid property value increases that can occur due to market fluctuations. The amendment is set to take effect on January 1, 2011, pending voter approval in the statewide election scheduled for November 2, 2010.
Sentiment
The reception of SB 24 has seen a mix of support and concern among legislators and constituents. Supporters view the bill as a necessary step to protect the financial interests of property owners amid a climate of fluctuating real estate values. They argue that the proposed amendment will not only create a fairer taxation system but also encourage economic stability in the housing market. Conversely, there are apprehensions that the limitations set forth by the bill could reduce revenue for local governments, which rely on property taxes for funding essential services.
Contention
Debate surrounding SB 24 centers on the balance between protecting homeowners from potential tax burdens and ensuring adequate funding for local government services. Opponents raise concerns about the implications of limiting property tax increases, suggesting it may lead to funding shortfalls for public programs and community services. This contention reflects a broader discussion regarding fiscal policy and the role of property taxes in sustaining local economies.
(Constitutional Amendment) Phases-in increases in property tax after statewide reappraisals under certain circumstances (OR SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Limits the amount of the increase in the assessed value of certain immovable property in Orleans Parish following reassessment of property for purposes of ad valorem taxes (OR SEE FISC NOTE LF RV)
Constitutional amendment to authorize the phase-in of increases in ad valorem taxation under certain circumstances. (2/3 - CA13s1(A)) (RE1 SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Limits the amount of the increase in the assessed value of certain immovable property in Orleans Parish following reassessment of property for purposes of ad valorem taxes (EN 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 to increase the homestead exemption to $15,000 of the assessed valuation and provides for annual adjustment in accordance with the Consumer Price Index. (1/1/11) (2/3 - CA13s1(A)) (OR SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Limits the frequency of the reappraisal and valuation of certain property for purposes of ad valorem property taxes (OR SEE FISC NOTE LF RV)