House Bill No. by Representative Emerson seeks to amend and reenact various sections of the Louisiana Revised Statutes concerning ad valorem taxation, particularly focusing on property tax exemptions, definitions, and classifications. The bill introduces new definitions for terms such as "Distributor," "Business inventory," "Manufacturer," and "Retailer," which aim to clarify the scope of property subject to taxation and exemptions. It also establishes specific criteria for property valuation, reappraisal, and the administration of ad valorem taxes, while detailing the requirements and limitations for tax exemptions. Notably, the bill redefines the homestead exemption and allows homeowners to maintain their exemptions even if they cannot occupy their property due to disaster-related damage, provided they file the necessary documentation.

Additionally, the bill proposes amendments to existing laws regarding property tax exemptions for veterans, first responders, and business inventory. It introduces a new exemption for property owned and occupied by veterans with service-connected disabilities, with varying exemption amounts based on the severity of their disability. The bill also allows local governing authorities to approve ad valorem tax exemptions for first responders and introduces an optional exemption for business inventory, contingent upon local approval. Furthermore, it clarifies that properties exempted under these provisions will not be considered taxable for future reappraisals, ensuring that the tax burden does not shift to other taxpayers. Overall, the bill aims to modernize the tax code, enhance clarity, and provide financial relief to property owners affected by disasters and other qualifying circumstances.

Statutes affected:
HB16 Original: 47:1(A), 47:1705(B)(1), 47:1713(B), 47:1714, 47:1715