HB 143 by Rep. Matthew Willard would cap assessment increases for residential property in New Orleans at 10%
NEW ORLEANS — State Representative Matthew Willard’s proposed Constitutional Amendment to limit assessment increases on residential properties in Orleans Parish at 10 percent annually is on to the Senate after passing in the House of Representatives today.
HB 143 would cap the annual increase on a taxable assessment at 10 percent for 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 to the extent the increase in value is attributable to those changes.
“I made a promise to the people of District 97 that I would take action to protect them from the impact soaring real estate values have had on their tax bills,” said Representative Willard. “We’ve cleared the first major hurdle in seeing this through the House. I look forward to working with my colleagues in the Senate to bring this to a vote of the people.”
As a Constitutional Amendment, HB 143 would require a statewide referendum to take effect once it passes through the State House and Senate, even though the scope of the bill is limited to Orleans Parish.
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.