House Bill No. [insert number] enacts a new provision under R.S. 47:1989(D)(5) concerning the assessment of ad valorem taxes on real property in Louisiana. This provision stipulates that the fair market value determined by a board of review, the tax commission, or a court's final judgment will be used by assessors for subsequent tax years until the next mandated reappraisal, unless there is a significant change in the property's physical condition that affects its value by more than twenty-five percent. Additionally, the bill clarifies that this new rule does not restrict an assessor's ability to lower an assessment due to changes in property condition as outlined in existing laws R.S. 47:1978 or 1978.1.

The provisions of this Act will take effect on January 1, 2025, and will apply to all tax years starting from that date. This legislative change aims to provide more stability in property assessments while allowing for adjustments in cases of significant property condition changes.