House Bill No. [insert number] enacts a new provision under R.S. 47:1989(D)(5) concerning the assessment of fair market value for real property in Louisiana. This provision stipulates that once a fair market value is determined by a board of review, the tax commission, or through a final court judgment, that value will be used by the assessor for subsequent tax years until the next mandated reappraisal. However, if there is a significant change in the physical condition of the property that affects its value by more than twenty-five percent, an earlier reappraisal may be warranted. Additionally, the bill clarifies that it does not restrict an assessor's obligation to reduce an assessment due to changes in property condition as outlined in existing laws.

The new provisions will take effect on January 1, 2025, and will apply to all tax years starting from that date. This legislation aims to provide clarity and consistency in property assessments while allowing for adjustments based on significant changes in property conditions.