Bill > HB570

This bill authorizes taxing authorities to adjust their millage rates, which represent the amount of property tax levied, under specific circumstances, aiming to retain maximum authorized millage rates while also requiring reductions in certain situations. Beginning in the 2027 tax year, taxing authorities with elected governing bodies can increase their millage rates beyond constitutional limits but not beyond the maximum rate approved by the constitution and the taxing authority until it expires, provided they hold a public hearing and achieve a two-thirds vote. Crucially, any maximum millage rates not previously levied before the 2024 reassessment year (or 2023 for Orleans Parish) will be permanently reduced to the adjusted maximum millage rate set for the 2026 tax year (or 2025 for Orleans Parish). If a subsequent reassessment increases taxable property values, the adjusted maximum millage rate must be decreased to the rate from the 2024 (or 2023 for Orleans Parish) reassessment year. Similar provisions apply to taxing authorities whose governing bodies are not elected, with the added requirement that any millage increase must not raise ad valorem tax collections by more than two and a half percent of the previous year's collections. Before implementing any millage rate increase, taxing bodies must adopt a separate ordinance or resolution detailing the increased millage and the adjusted millage rate, requiring a two-thirds vote. This bill's provisions are effective for taxable years beginning on or after January 1, 2027, contingent on the adoption of a related constitutional amendment.

Budget and Finance

https://www.legis.la.gov/legis/BillInfo.aspx?s=26rs&b=HB570&sbi=y