On Jun. 3, LOU LEG passed bill on fair market value of real property.
LOU LEG enrolled bill HB 921, which limits the determination of fair market value of certain real property by an assessor under certain circumstances, with exceptions.
The legislation adds new Section 47:1989(D)(5) in the Louisiana Revised Statutes (LOU LEG 47:1989(D)(5)), concerning review of appeals by the tax commission.
Bill Provisions
Current law states all real property must be reappraised at most every four years, but may be reappraised in any year if property's character changed fair market/use value.
Subject to review by parish authority (board of review), Tax Commission and courts.
Bill directs that all real property with a determination must utilize the new assessment determination until the quadrennial reassessment occurs, with certain exceptions.
Exceptions are when property's fair market value increases/decreases by 25% or more or a reduction in assessment is justified due to change in condition of the property.
Legislative History
On Apr. 2, 2024, bull was introduced in House; on Apr. 15, 2024, passed House.
On Apr. 15, 2024, introduced in Senate; on May 16, 2024, amended bill passed Senate
On May 29, 2024, House concurred amended bill; on Jun. 3, 2024, sent to governor.
Effectiveness
Act effective on Jan. 1, 2025; applicable to all tax years beginning on/after that date.
Jun. 2024 LOU LEG Bill Approval
On Jun. 10, 2024, LOU LEG reported governor signed Act 578, effective Jan. 1, 2025.
Document dated Jun. 10, 2024, received from LOU LEG Jun. 20, summarized Jun. 24.
Regulators
LOU LEG
Entity Types
Corp
Reference
Act 578, 6/10/2024; PR, HB921, 6/3/2024; Citation: LOU LEG 47:1989;
