House Bill No. by Representative Henry proposes the enactment of R.S. 47:1703.2, which authorizes an optional ad valorem property tax exemption for rehabilitated blighted or derelict properties. If a parish chooses to implement this exemption, it will apply to all millages imposed within that parish and will be subject to specific conditions and requirements outlined in the bill. The legislation defines "blighted property" and "derelict property," and allows parish governing authorities to establish processes for property owners to apply for the exemption, set rehabilitation standards, and determine criteria for approval and revocation of exemptions.

The bill stipulates that for qualifying residential properties, up to 75% of the assessed value may be exempted from ad valorem taxation for a period not exceeding 20 years. For unimproved land, the exemption can cover up to 25% of the assessed value for a maximum of 10 years, with restrictions on the number of tracts eligible for exemption. Additionally, only property owners who hold title to the property can apply for the exemption. The Louisiana Tax Commission is authorized to create necessary administrative rules, and the provisions of this act will take effect on January 1, 2027, contingent upon the approval of a proposed constitutional amendment.