House Bill No. by Representative Hilferty enacts a new provision in Louisiana law regarding the assessment of ad valorem taxes on real property. Specifically, it introduces R.S. 47:1989(D)(5), which stipulates that the fair market value determined by a board of review, the tax commission, or a court judgment will be used by assessors for future assessments 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. This provision aims to provide stability in property assessments while allowing for adjustments in cases of substantial changes to the property.

Additionally, the bill clarifies that the new rules do not restrict an assessor's obligation to reduce property assessments 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.