BATON ROUGE — Louisiana State Treasurer John Fleming asked on Tuesday for an increase in the state's homestead exemption. 

The homestead exemption exempts property taxes on the first $75,000 of a home's fair market value, which translates to $7,500 of the home's assessed value. This exemption aims to reduce the property tax burden for Louisiana residents, making homeownership more accessible and affordable.

Fleming now wants to increase the exemption to better protect homeowners from rising property values and the resulting property tax burden. 

“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,” Fleming said in a prepared statement.

Louisiana's homestead exemption is almost 100 years old. It was established during the Depression and adjusted several times in the decades that followed. However, the current $7,500 exemption was set in 1980 and has not changed since, the state treasurer's office added. 

Fleming notes that some of the surrounding states have recently expanded the homestead exemption. 

Last November, Texas increased its mandatory residence homestead exemption for school district property taxes to $140,000, up from $100,000. Florida residents will also be voting in November to increase the homestead exemption for non-school property taxes to $150,000 beginning in 2027 and $250,000 beginning in 2028. 

“Property tax relief and responsible government are not mutually exclusive. We can protect homeowners while ensuring our schools, law enforcement, fire departments, and local governments have the resources they need. The goal should be a fairer tax system that encourages homeownership rather than making it more expensive," Fleming said.