House Bill No. 271 proposes a constitutional amendment to allow parish governing authorities in Louisiana to increase the homestead exemption amount by up to an additional $5,000 of the assessed value of a bona fide homestead. Currently, the homestead exemption provides a tax exemption for the first $7,500 of assessed valuation of a homestead. The proposed amendment would require approval from the parish governing authority for any increase in the exemption amount. Additionally, the bill outlines that the proposed amendment will be submitted to voters during the statewide election on November 3, 2026, and, if approved, will take effect on January 1, 2027, applying to property taxes for the tax year 2027.

The bill also includes several amendments to existing law regarding property tax exemptions for veterans and first responders. It clarifies that ad valorem property taxes will only apply to the assessed value of property exceeding the homestead exemption and any additional exemptions provided for veterans with service-connected disabilities. The proposed changes aim to enhance the financial relief provided to homeowners, particularly those who are veterans or first responders, by potentially increasing the amount of property exempt from taxation.