Effective January 1, 2028 | Act 274

What Changes

Allows a parish or municipality, with local voter approval, to provide an additional homestead exemption to Seniors 65+ who qualify for the Special Assessment Level (property value "freeze"). Current qualifications require an Adjusted Gross Income, as reported on the homeowner's Federal Tax Return, of less than $102,700, though Amendment #9 on November 3rd will give voters the opportunity to increase this threshold.

As seen below, the additional exemption amount increases as the homeowner advances in age.

Voter’s perspective

For the exemption to apply to Parishwide millages, 50% of the voters of Lafayette Parish must approve the exemption at the second election. Likewise, for any municipal taxes to be exempted, 50% of the voters of that municipality must approve the exemption.

As an example, if the exemption were to fail Parishwide but pass in a municipality, an eligible homeowner in that municipality would receive the exemption for the municipality's property taxes, but not for any Parishwide millages.

If adopted locally, the Assessor would determine eligibility and apply the appropriate exemption level as taxpayers age.

Financial Impact

Potentially significant. Any reduction in property tax collections resulting from the exemption must be absorbed by the taxing authority and cannot be shifted to other taxpayers through reassessment or a millage adjustment.

Below, you will see the current ad-valorem tax revenue collected by each governing authority in Lafayette Parish and the revenue from properties eligible for the Special Assessment Level. The last two columns show what the resulting revenue would be if the amendment passes in that taxing body's jurisdiction as well as the difference between the two numbers.