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 redefines the homestead exemption and establishes new criteria for property owners to maintain their exemptions following disaster-related damage, including the requirement for documentation of damage claims. Additionally, the bill outlines specific categories of properties eligible for tax exemptions, including those owned by nonprofit organizations and properties leased for housing homeless individuals, while ensuring compliance with health and safety standards.

Significant provisions include the introduction of exemptions for veterans with service-connected disabilities, allowing for additional exemptions based on the severity of their disability, and the establishment of an optional ad valorem tax exemption for business inventory, contingent upon local approval. The bill also provides financial allocations for various parishes based on their decisions regarding business inventory exemptions, ensuring that any decrease in tax revenue does not create additional liabilities for other taxpayers. Furthermore, it codifies provisions from the current constitution into statutory law, including the establishment of a special assessment level for certain residential property owners, which prevents increases in property assessments for eligible individuals. Overall, the bill aims to modernize the ad valorem tax system in Louisiana, providing clarity and support for homeowners and businesses while maintaining fiscal stability for local governments.

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