ARTICLE VII. REVENUE AND FINANCE
PART II. PROPERTY TAXATION
§18. Ad Valorem Taxes
Section 18.(A) Assessments. Property subject to ad valorem taxation shall be listed on the assessment rolls at
its assessed valuation, which, except as provided in Paragraphs (C) and (G),
shall be a percentage of its fair market value. The percentage of fair market
value shall be uniform throughout the state upon the same class of property.
(B) Classification. The classifications of property subject to ad valorem taxation and the percentage of fair market value
applicable to each classification for the purpose of determining assessed
valuation are as follows:
|
Classifications |
Percentages |
|
1. Land |
10% |
|
2. Improvements for
residential purposes |
10% |
|
3. Electric cooperative properties, excluding land |
15% |
|
4. Public service
properties; excluding land |
25% |
|
5. Other property |
15% |
The legislature may enact laws defining electric cooperative properties and
public service properties.
(C) Use Value. Bona fide agricultural, horticultural, marsh, and timber
lands, as defined by general law, shall be assessed for tax purposes at ten
percent of use value rather than fair market value. The legislature may provide
by law similarly for buildings of historic architectural importance.
(D) Valuation. Each assessor shall determine the fair market value of all
property subject to taxation within his respective parish or district except public
service properties, which shall be valued at fair market value by the Louisiana
Tax Commission or its successor. Each assessor shall determine the use value of
property which is to be so assessed under the provisions of Paragraph (C). Fair
market value and use value of property shall be determined in accordance with
criteria which shall be established by law and which shall apply uniformly
throughout the state.
(E) Review. The correctness of assessments by the assessor shall be subject
to review first by the parish governing authority, then by the Louisiana Tax
Commission or its successor, and finally by the courts, all in accordance with
procedures established by law.
(F) Reappraisal. All property subject to taxation shall be reappraised and
valued in accordance with this Section, at intervals of not more than four
years.
(G)(1) Special Assessment Level.
(a)(i) The assessment of residential property
receiving the homestead exemption which is owned and occupied by any person or
persons sixty-five years of age or older and who meet all of the other
requirements of this Section shall not be increased above the total assessment
of that property for the first year that the owner qualifies for and receives
the special assessment level.
(ii) Any person or persons shall be prohibited from receiving the special
assessment as provided in this Section if such person or persons' adjusted
gross income, as reported in the federal tax return for the year prior to the
application for the special assessment, exceeds fifty thousand dollars. For
persons applying for the special assessment whose filing status is married
filing separately, the adjusted gross income for purposes of this Section shall
be determined by combining the adjusted gross income on both federal tax returns.
Beginning for the tax year 2001, and for each tax year thereafter, the fifty
thousand dollar limit shall be adjusted annually by the Consumer Price Index as
reported by the United States Government.
(iii) An eligible owner shall apply for the special assessment level by
filing a signed application establishing that the owner qualifies for the
special assessment level with the assessor of the parish or, in the parish of
(b) Any millage rate applied to the special
assessment level shall not be subject to a limitation.
(2) The special assessment level shall remain on the property as long as:
(a) That owner, or that owner's surviving spouse who is fifty-five years of
age or older or who has minor children, remains the owner of the property.
(b) The value of the property does not increase more than twenty-five
percent because of construction or reconstruction.
(3) A new or subsequent owner of the property may claim a special assessment
level when eligible under this Section. The new owner is not necessarily
entitled to the same special assessment level on the property as when that
property was owned by the previous owner.
(4)(a) The special assessment level on property that is sold shall automatically
expire on the last day of December in the year prior to the year that the
property is sold. The property shall be immediately revalued at fair market
value by the assessor and shall be assessed by the assessor on the assessment
rolls in the year it was sold at the assessment level provided for in Article
VII, Section 18 of the Constitution of Louisiana.
(b) This new assessment level shall remain in effect until changed as
provided by this Section or this Constitution.
Amended by Acts 1979, No. 799, §1, approved