Bill to Cap Orleans Residential Assessments Moves to Senate

NEW ORLEANS – State Rep. Matthew Willard’s proposed constitutional amendment to limit assessment increases on residential properties in Orleans Parish to 10% annually is moving to the Senate after being passed by the House of Representatives yesterday. 

HB 143 would cap the annual increase for residential properties with a homestead exemption. The cap would not apply to properties during a year that they have been sold or renovated – and it doesn’t apply to rental or commercial properties.

“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 Willard, D-New Orleans, in a release. “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.”

The amendment would require a statewide referendum to take effect even though the scope of the bill is limited to Orleans Parish.