HB 143 would cap assessment increases for residential property in New Orleans at 10%
New Orleans — State Representative Matthew Willard has authored a Constitutional Amendment to limit assessment increases on residential properties in Orleans Parish at 10 percent annually.
“When I was on the campaign trail working to represent the people of District 97 in the Louisiana House of Representatives, I heard from many families who were fearful of losing their homes due to surging property taxes,” said Rep. Willard. “Some homeowners had seen their property values double, and that’s nearly impossible for the average family to absorb. I made a commitment during my campaign to provide our families with relief, and I believe HB 143 is the remedy we need.”
HB 143 provides for an annual increase on a taxable assessment of no more than 10 percent on residential properties with a Homestead Exemption. The limitation would not apply to rental or commercial properties. Additionally, in the case of a property transfer or a material improvement such as a renovation or addition, the 10 percent cap would not apply, and the property would be subject to taxation based upon its full assessed value.
“This legislation is more important now as our families and communities are reeling from the impact of the COVID-19 pandemic. We are still seeing residential property values increase,” said Rep. Willard. “It is imperative we pass this Constitutional Amendment to insulate our families from skyrocketing residential property values.”
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.