(Constitutional Amendment) Provides for local option for the homestead exemption (OR SEE FISC NOTE LF RV)
Impact
This amendment aims to maintain revenue stability for local governments. If implemented, it mandates that any change in the homestead exemption must be accompanied by a one-time millage adjustment to ensure that the total amount of ad valorem taxes collected does not fluctuate due to this change. The bill intends to balance the desire of local governments for greater flexibility in tax policy while protecting existing revenue streams for local services.
Summary
House Bill 12 proposes a constitutional amendment to authorize parish governing authorities in Louisiana to adjust the amount of the homestead exemption, provided such adjustments receive voter approval. Currently, the homestead exemption caps at $7,500 of the assessed value of the property, which is exempt from state, parish, and special ad valorem property taxes. The proposed adjustment would be executed through the adoption of a resolution or ordinance and would be effective from the year following its approval by the electors.
Sentiment
The general sentiment surrounding HB 12 appears to be one of cautious support, particularly among local government officials who see the potential for more responsive and flexible tax policies based on community needs. However, there may also be concerns about the implications of increased local control over tax matters and whether it could result in disparate impacts on different parishes, leading to inequality in tax burdens or benefits across the state.
Contention
Notable points of contention involve the potential for conflicting opinions about local governance and taxation. Supporters of the bill argue it enhances local control and responsiveness, allowing communities to tailor tax exemptions to their specific situations. Conversely, critics might worry that such adjustments could lead to unintended consequences, like increased complexity in tax administration and potential inequities among different parishes. These concerns highlight ongoing debates about the balance of state versus local governance in Louisiana.
(Constitutional Amendment) Provides with respect to the classification and valuation of property and local option relative to certain exemptions (EG 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 to authorize the local governing authority of a parish to provide an increase to the homestead exemption. (2/3-CA13s1(A)) (OR SEE FISC NOTE LF RV)
(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 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)
Proposes temporary constitutional amendment allowing State constitutional convention convened to reform system of property taxation to propose statutory changes.
Proposes temporary constitutional amendment allowing State constitutional convention convened to reform system of property taxation to propose statutory changes.