“Louisiana families work hard to buy a home, pay their mortgage, and build equity for their future. They should not be forced to keep paying higher property taxes simply because their home’s value has increased. Louisiana needs to strengthen the homestead exemption and provide meaningful property tax relief to homeowners,” Treasurer Fleming said.
Louisiana's homestead exemption is almost 100 years old. It was established during the Depression and adjusted several times in the decades that followed. Louisiana assesses residential property at 10% of fair market value, so the $7,500 exemption effectively applies to the first $75,000 of a home’s market value.
Unfortunately, the current $7,500 exemption was set in 1980 and hasn’t increased in 46 years. If adjusted for inflation, it would be about $35,000 today.
Fleming pointed to other states that have taken significant steps to expand the homestead exemption. Last November, Texas increased its mandatory residence homestead exemption for school district property taxes to $140,000, up from $100,000.
Texas also provides an additional $60,000 exemption for homeowners who are 65 or older or disabled. Local taxing units can also offer additional exemptions of up to 20 percent of a property’s appraised value.
“Texas has demonstrated that a state can provide substantial property tax reductions to homeowners while addressing the impact on local governments and schools. Louisiana should follow their lead,” Dr. Fleming said.
Florida is another state taking a major step. Florida voters will consider Constitutional Amendment 3 on November 3, 2026, which would increase the homestead exemption for non-school property taxes to $150,000 beginning in 2027 and $250,000 beginning in 2028, with inflation adjustments thereafter. Florida currently has a $50,000 homestead exemption.
Treasurer Fleming pledged to work with legislators and other state and local officials to substantially increase the homestead exemption and give much-needed tax reductions to struggling Louisiana citizens.
He said, “This is about keeping more money in the hands of Louisiana families who own their homes. Homeownership is one of the most important ways families build financial security and stability. Our tax policies should make it easier for families to realize the dream of homeownership, put down roots, and build a future in Louisiana. Increasing the homestead exemption is one important way we can make that dream possible.”