Louisiana HB 356: TAX/AD VALOREM TAX:  Provides for the classification of and applicable fair market value percentages for property subject to ad valorem taxation (OR SEE FISC NOTE LF RV See Note)

Bill Text

HLS 18RS-475 ORIGINAL
2018 Regular Session
HOUSE BILL NO. 356
BY REPRESENTATIVE IVEY
TAX/AD VALOREM TAX: Provides for the classification of and applicable fair market
value percentages for property subject to ad valorem taxation
1 AN ACT
2 To enact Chapter 2-A of Subtitle III of Title 47 of the Louisiana Revised Statutes of 1950,
3 as amended, comprised of R.S. 47:1890, relative to ad valorem taxation; to provide
4 for the classification of property; to establish the percentages to be used for purposes
5 of fair market value in property assessment; to provide for effectiveness; and to
6 provide for related matters.
7 Be it enacted by the Legislature of Louisiana:
8 Section 1. Chapter 2-A of Subtitle III of Title 47 of the Louisiana Revised Statutes
9 of 1950, as amended, comprised of R.S. 47:1890, is hereby enacted to read as follows:
10 §1890. Property assessments; classification; fair market value
11 Classification. The classifications of property subject to ad valorem taxation
12 and the percentage of fair market value applicable to each classification for the
13 purpose of determining assessed valuation are as follows:
14 Classifications Percentages
15 1. Land 10%
16 2. Improvements for residential purposes 10%
17 3. Electric cooperative properties, excluding land 15%
18 4. Public service properties; excluding land 25%
19 5. Other property 15%
Page 1 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.

HLS 18RS-475 ORIGINAL
HB NO. 356
1 Section 2. This Act shall take effect and become operative if and when the proposed
2 amendment of Article VII, Section 18(B) of the Constitution of Louisiana contained in the
3 Act which originated as House Bill No. ___ of this 2018 Regular Session of the Legislature
4 is adopted at a statewide election and becomes effective.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 356 Original 2018 Regular Session Ivey
Abstract: Relative to ad valorem taxation, provides for the classification of property and
the percentages to be used in property assessment for purposes of fair market value.
Present constitution authorizes the levy of ad valorem tax on property within La.
Present constitution provides for the classifications of property and percentages of fair
market value to be used in the assessment of property for purposes of ad valorem property
taxes.

Proposed law, which is contingent upon the passage of a proposed constitutional amendment
provides for the same classifications of property and percentages of fair market value to be
used in the assessment of property for purposes of ad valorem property taxes as is provided
in present constitution.
Effective if and when the proposed amendment of Article VII, §18(B) of the Constitution
of La. contained in the Act which originated as House Bill No. ____ of this 2018 R.S. of the
Legislature is adopted at a statewide election and becomes effective.
(Adds R.S. 47:1890)
Page 2 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.