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. This value will remain in effect unless there is a significant change in the property's physical condition that affects its market value by more than twenty-five percent, which would warrant an earlier reappraisal. Additionally, the bill clarifies that assessors are still obligated to reduce assessments if there is a change in property condition as per existing laws.

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