This bill amends several sections of the Louisiana Revised Statutes concerning ad valorem taxation, focusing on property definitions, classifications, valuations, reappraisals, and exemptions. It introduces new definitions for terms such as "Distributor," "Business inventory," "Manufacturer," and "Retailer," which clarify the scope of taxable property and exemptions. The bill also specifies criteria for business inventory, excluding certain items like oil stored by producers and items owned for over eighteen months. Additionally, it modifies existing provisions for ad valorem tax exemptions for homesteads affected by disasters, allowing homeowners unable to occupy their damaged properties to maintain tax exemptions under specific conditions.

Moreover, the bill establishes new exemptions for veterans, first responders, and surviving spouses of deceased service members, with varying benefits based on disability ratings and circumstances. It outlines provisions for parishes to exempt business inventory from ad valorem taxes, detailing the distribution of funds received from the state treasurer to local taxing authorities. The bill also clarifies eligibility for special assessments and maintains the assessed value for qualifying individuals, while ensuring that any decrease in tax revenue due to exemptions does not create additional liabilities for other taxpayers. Overall, the legislation aims to provide clearer definitions and enhanced protections for property owners in Louisiana regarding ad valorem taxation.

Statutes affected:
HB11 Original: 47:1(A), 47:1705(B)(1), 47:1713(B), 47:1714, 47:1715
HB11 Engrossed: 47:1(A), 47:1705(B)(1), 47:1713(B), 47:1714, 47:1715
HB11 Reengrossed: 47:1(A), 47:1705(B)(1), 47:1713(B), 47:1714, 47:1715
HB11 Enrolled: 47:1(A), 47:1705(B)(1), 47:1713(B), 47:1714, 47:1715
HB11 Act 12: 47:1(A), 47:1705(B)(1), 47:1713(B), 47:1714, 47:1715