House Bill No. 514 proposes a constitutional amendment to authorize an additional ad valorem tax exemption for property owners aged sixty-five and older in Louisiana. This amendment would allow parishes and municipalities to extend an exemption on property that is already receiving the homestead exemption, with specific amounts based on the age of the property owner. For instance, individuals aged sixty-five to sixty-eight would receive an exemption of $6,000, while those aged eighty-one and older would receive an exemption of $30,000. The bill also stipulates that the surviving spouse of an eligible property owner can qualify for the exemption if they continue to occupy the property and are not more than five years younger than the deceased owner.

Furthermore, the proposed amendment includes provisions that require any decrease in property tax revenue due to the exemption to be absorbed by the taxing authority, ensuring that other taxpayers are not adversely affected by subsequent reappraisals or millage adjustments. The implementation of this exemption would not trigger a reappraisal of property or adjustments to millages. The amendment is set to take effect on January 1, 2028, and will apply to all tax years beginning on or after that date. The proposal will be submitted to voters in a statewide election scheduled for November 3, 2026.