LAFAYETTE PARISH, LA (March 24, 2025) – This weekend, voters across the state will go to the polls to decide on accepting or rejecting four separate amendments to the Louisiana Constitution. In particular, the second amendment on the ballot will concern Article VII of the Constitution, or the portion governing taxation and finance.
While many of the included modifications will reduce the maximum income tax rate, place a cap on annual growth in government spending and provide for a permanent teacher salary increase, there are several changes to local property tax structures.
Importantly, the constitutionally protected homestead exemption of the first $75,000 of market value on any owner-occupied home will continue unchanged. Similarly, churches will continue to enjoy their exemption from property taxation.
However, the most important change made possible by Amendment 2 concerns the property tax levied on the value of business inventory.
Currently, the constitution mandates local property tax rates be applied on the assessed value of any inventory a business keeps on hand during the year. This can be plywood in the lumber yard, cars at a dealership or oilfield pipes in the yard of a service company. The business is required to report the value of this inventory to the parish Assessor annually.
The adoption of Amendment 2 would remove the constitutional mandate to levy taxes on this inventory and, instead, make it an option for each Parish to decide.
Making these important decisions about taxation at the local level allows for tailored solutions that best meet the needs of the community. What works in East Baton Rouge Parish may not be the best option for Lafayette Parish and vice versa. This amendment would give our local taxing authorities a powerful opportunity to further enhance our business climate.
I am always happy to hear from our residents and local businesses. If you have any questions about your property, I encourage you to visit the Lafayette Parish Assessor’s Contact Page. From there, you can call us directly, submit an online question or schedule an appointment to discuss your property.
We’re here to serve and here to help!
- Lafayette Parish Assessor: Why Do We Tax Property?
- Lafayette Parish Assessor: Where do my property taxes go?
- Lafayette Parish Assessor: How Does Amendment 2 Affect Property Taxes?
