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HB 316 - Property Tax Exemption - Louisiana Key Vote

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Title: Property Tax Exemption

Vote Smart's Synopsis:

Vote to pass a joint resolution that submits a constitutional amendment to the voters that provides a residential property tax credit to seniors with lower income levels.

Highlights:

-Authorizes a property tax relief credit for those sixty-five and older who meet the income eligibility requirements (Sec. 1). -Mandates that the credit issued will be equal to 100% the amount of ad valorem tax imposed on the occupied residential property (Sec. 1). -Requires that income eligibility be based on the person's annual family income of no more than the federal poverty level (Sec. 1).

NOTE: AN AMENDMENT TO THE CONSTITUTION REQUIRES TWO-THIRDS APPROVAL IN EACH CHAMBER FOR PASSAGE. IT MUST THEN BE APPROVED BY A MAJORITY OF CITIZENS VOTING IN THE NEXT ELECTION TO BE ENACTED.

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