Act 220 (2025 Regular Session)
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GAP-FILL 2026-10-10: fiscal_impact quoted verbatim from Louisiana Legislative Fiscal Office, Fiscal Note - HB300 Enrolled (25RS), Expenditure and Revenue Explanation sections (https://legis.la.gov/legis/ViewDocument.aspx?d=1423903). Single-sourced (one official document). Five-year expenditure/revenue tables in the note are not reproduced; see URL.
Do you support an amendment to increase the maximum amount of income a person may receive and still qualify for the special assessment level for residential property receiving the homestead exemption? (Effective January 1, 2027) (Amends Article VII, Section 18(G)(1)(a)(ii))
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Act 220 (2025 Regular Session) - Proposing to amend Article VII, Section 18(G)(1)(a)(ii) of the Constitution of Louisiana, relative to ad valorem taxation; to provide for assessment of property for ad valorem tax purposes; to provide with respect to the special assessment level; to provide with respect to the income limit associated with qualifying for the special assessment level; 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 is no anticipated direct material effect on governmental expenditures as a result of this measure. It is expected by LFO, though not verified by response, that removing the income limit for the AVT special assessment will require local tax system adjustments that are closely related to the existing special assessment with minimal resources required. The Department of State may incur minimal ballot processing costs associated with this measure. Any expenditure impact would be realized in FY 26. REVENUE EXPLANATION The bill increases the eligibility pool for the special assessment to include all properties receiving the homestead exemption owned and occupied by those who qualify under the stated criteria (65+, veterans with a service-related disability of 50% or more, members (spouses) of armed forces or national guard killed in action, missing in action or prisoner of war, and the permanently and totally disabled) and with federal adjusted gross income less than $150,000 per year, growing by inflation beginning in tax year 2028. The current law income limit is $100,000 growing by inflation beginning with tax year 2026. As income data related to property ownership is not readily available, the magnitude of the repeal of the income requirement cannot be determined. However, the bill can only serve to decrease ad valorem tax revenue collections as a significant number of properties immediately become eligible for the special assessment on Tax Year 2027 bills and will forgo any increases in assessed value in the future. Local revenue will decrease for any entity funded by a millage or fee that is charged against a special assessment property as the bill prohibits a millage adjustment to accommodate the lower assessments in the bill (although this assessment freeze will presumably be automatically rolled into quadrennial reassessment year adjustments). The 2024 Tax Commission Annual Report identifies 422,344 properties currently receiving these special assessments statewide. Tax Year 2024 was a quadrennial reassessment year so the next major impact from the bill would be expected with Tax Year 2028 payments, which is also the date that the inflation adjustment to the income limit will begin. A significant change in local property tax collections could impact the local effort included in the MFP calculation, which in turn could impact SGF, depending on the local taxing structure. Senate x
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