Constitutional Amendment to remove the income limitation for persons age sixty-five or older that qualify for the special assessment level for residential property receiving the homestead exemption. (2/3-CA13s1(A)) (1/1/27) (EG DECREASE LF RV See Note)
Impact
If passed, the amendment would amend Article VII, Section 18 of the Louisiana Constitution, effectively altering the property tax landscape for senior citizens. It would enable more seniors to qualify for the special assessment level, potentially leading to lower property tax rates for this demographic. This change is set to take effect on January 1, 2027, and would apply to all taxable years thereafter. The approval for the constitutional amendment is destined for a statewide election on November 3, 2026, enabling voters to determine its fate.
Summary
Senate Bill 57 proposes a constitutional amendment that aims to remove income limitations for individuals aged sixty-five or older who qualify for the special assessment level for residential properties receiving the homestead exemption in Louisiana. Currently, individuals over this age group cannot benefit from the special assessment if their adjusted gross income exceeds $100,000. The proposed amendment would allow seniors to qualify for the special assessment without being subjected to these income limits, thereby offering them greater financial support through property tax relief.
Sentiment
The sentiment surrounding SB 57 appears generally positive among proponents, who advocate for the financial relief it would provide to senior citizens. Supporters argue that this change is necessary to assist an often vulnerable population facing higher costs of living. However, there may be some contention over the impact this could have on state revenue and potential implications for local governments dependent on property tax income. Critics might raise concerns about whether such tax exemptions could create disparities in revenue generation among different demographics.
Contention
Notable points of contention may arise regarding the fairness of removing income limitations specifically for seniors while other age groups continue to face restrictions. Opponents might argue that this creates an unequal system where different age brackets are treated differently concerning property tax liabilities. Furthermore, there is concern about the long-term financial consequences for the state and local governments, which could see a decrease in property tax revenue as a result of this amendment. The discussions will likely highlight the balancing act between providing necessary support to senior citizens and maintaining adequate funding for public services.
(Constitutional Amendment) Provides relative to the calculation of certain persons' income for purposes of determining eligibility for the special assessment level for property receiving the homestead exemption (OR SEE FISC NOTE LF RV)
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)
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) (OR SEE FISC NOTE LF RV See Note)
Constitutional amendment to authorize the local governing authority of each parish to provide a limited ad valorem tax exemption for qualified first responders. (2/3 - CA13s1(A)) (EN DECREASE LF RV See Note)
Constitutional amendment to phase out the tax on inventory and establish the maximum allowable exemption for the industrial property tax exemption program. (2/3 - CA13s1(A)) (EG SEE FISC NOTE GF RV See Note)
(Constitutional Amendment) Restricts eligibility of nonprofit organizations for property tax exemptions for residential property found to endanger public health or safety (EN SEE FISC NOTE LF RV See Note)
Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.
Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.
Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.
Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.
Increases amount of rental payments defined as rent constituting property taxes for purposes of deduction from gross income for property tax payments; increases property tax credit option for certain individuals.