This bill amends various sections of the Louisiana Revised Statutes concerning ad valorem taxation, focusing on property definitions, classifications, valuations, reappraisals, and exemptions. Key insertions include new definitions for "Distributor," "Business inventory," "Manufacturer," and "Retailer," which clarify the scope of taxable properties and exemptions. The bill also modifies existing language regarding exemptions, particularly for homestead exemptions and properties damaged during disasters, establishing criteria for maintaining tax exemptions for unoccupied properties. Additionally, it removes the requirement for homeowners to document good faith efforts to secure contractors for repairs and expands the definition of exempt properties to include various personal and real properties, such as agricultural products and goods held in inventory.

Furthermore, the bill introduces new exemptions for veterans, first responders, and surviving spouses of deceased service members, providing varying levels of tax relief based on disability ratings and specific eligibility criteria. It outlines provisions for parishes that elect to exempt business inventory from ad valorem tax, including payment structures based on tax collections. The bill also streamlines the application process for special assessments and clarifies eligibility requirements for various property tax exemptions. Overall, the legislation aims to enhance the framework for property tax exemptions and streamline the taxation process while ensuring protections for property owners in Louisiana.

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