Act 274 (2026 Regular Session)
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GAP-FILL 2026-10-10: fiscal_impact quoted verbatim from Louisiana Legislative Fiscal Office, Fiscal Note - HB514 Enrolled (26RS), Expenditure and Revenue Explanation sections (https://legis.la.gov/legis/ViewDocument.aspx?d=1475571). Single-sourced (one official document). Five-year expenditure/revenue tables in the note are not reproduced; see URL.
Do you support an amendment to authorize parishes and municipalities to extend an additional property tax exemption for property subject to the homestead exemption that is owned and occupied by a person who is at least sixty-five years of age and who qualifies for the special assessment level? (Effective January 1, 2028) (Adds Article VII, Section 21(P))
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Act 274 (2026 Regular Session) - Proposing to add Article VII, Section 21(P) of the Constitution of Louisiana, relative to ad valorem taxation; to extend an ad valorem tax exemption for property owners who are sixty-five years of age or older; to provide for the amount of the exemption; to provide for requirements and limitations; to provide for implementation of the exemption by parishes and municipalities; to prohibit the reappraisal and valuation of property for purposes of millage adjustments under certain circumstances; to provide for applicability; to provide for an effective date; to provide for submission of the proposed amendment to the electors; and to provide for related matters.
EXPENDITURE EXPLANATION There may be indeterminable costs to parish assessors to implement a multi-tier tax exemption where qualifying taxpayers transfer to new tiers as they age, as this will require updated systems and possible data entry. Nearly 200,000 taxpayers currently claim the special assessment level because they are 65 or older, and data they submit on their birthdate will need to be incorporated into calculations to determine the appropriate additional exemption. The Assessor’s Association reports that costs associated with upgrades to software or additional data entry needed for implementation are indeterminable but likely absorbable for individual assessors’ offices. The LFO assumes costs may be significant at the aggregate, statewide level and may begin prior to the implementation date during FY 28. REVENUE EXPLANATION Proposed constitutional amendment will result in an indeterminable but significant decrease in ad valorem tax revenues to local taxing authorities to the extent that the exemptions are approved through local elections. The extent of the decrease will depend on the ages of homeowners subject to the exemption as well as the value of their homes. Currently, the homestead exemption provides owner-occupied homes with a tax exemption on the first $7,500 of the assessed value of their homestead property ($75,000 market value). The table below illustrates the exempt market value of homesteads subject to the proposed exemption, other exemptions notwithstanding. Age At least 65 but not yet 69 At least 69 but not yet 73 At least 73 but not yet 77 At least 77 but not yet 81 At least 81 Additional Exemption $6,000 $12,000 $18,000 $24,000 $30,000 Homestead $7,500 $7,500 $7,500 $7,500 $7,500 Total $13,500 $19,500 $25,500 $31,500 $37,500 Exempt Market Value $135,000 $195,000 $255,000 $315,000 $375,000 For illustrative purposes, a homeowner aged 65 but not yet 69 receiving $6,000 in additional tax exemptions, when multiplied by the 2025 statewide average millage of 105 mills, would see a tax reduction of $630 per year. However, they would only receive the full benefit of the tax exemption if their homestead is worth at least $135,000. According to the 2025 Louisiana Tax Commission Annual Report, 184,329 taxpayers received the special assessment level on the basis of being aged 65 or older in 2025. As an illustrative example, if each of these taxpayers’ homestead properties received only $1,000 in additional tax exemptions above the homestead exemption (i.e., their homesteads are worth $85,000), then at the statewide average millage of 105 mills, the total statewide local revenue loss would equal approximately $19.4 M. A significant change in local property tax collections may impact the local effort included in the Minimum Foundation Program (MFP) formula calculation, but any resulting impacts on state MFP funding allocations are indeterminable.
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