HB 143 by Rep. Matthew Willard would cap assessment increases for residential property in New Orleans at 10%
NEW ORLEANS — The Louisiana House of Representatives today voted 93-1 to concur with the Senate amendments added to HB 143, sending the proposed Constitutional Amendment to a statewide referendum for final passage by Louisiana voters on November 8, 2022.
HB 143 would cap the annual increase on a taxable assessment for residential properties with a Homestead Exemption at 10 percent. The limitation would not apply to rental or commercial properties. Additionally, the 10 percent cap will not apply if the property changes ownership or if a home’s value is increased during an assessment year due to renovation or additions to the home.
“I want to thank my colleagues in the House and Senate for moving this bill forward to the voters. My intent was always to provide tax relief to New Orleans homeowners, and I want to thank every New Orleanian who called for and supported this legislation,” said Rep. Willard. “We have one last hurdle to clear before it becomes law, and it’s a big one. I look forward to working with housing, community and cultural organizations to help pass this Constitutional Amendment.”
Rep. Willard worked with Assessor Erroll Williams and members of the New Orleans City Council to develop HB 143. Rep. Willard initially proposed this legislation for the 2020 Regular session but voluntarily withdrew the bill at the behest of House Speaker Schexnayder who requested all non-COVID-related bills be pulled to allow the body to focus on the pandemic.