2023 Legislative Session Overview

Over the past two years, Louisiana has seen a drastic drop in the number of property insurance companies doing business in the state.  This has left property owners with fewer choices in the insurance market and higher insurance premiums. It has also priced many out of obtaining the dream of home ownership.  This is because while potential buyers can qualify for a home loan, they cannot afford the monthly note due to the high cost of property insurance premiums. Throughout the 2023 Legislative Session and beyond, Louisiana REALTORS® will advocate for solutions to increase competition in the insurance market, encourage homes to be retrofitted and built to withstand treacherous weather conditions, and provide for fair rules, processes, and procedures for both consumers and insurers to follow when there are disputes about claims.

The structure by which state and local governments are funded will likely be a major topic of discussion throughout the 2023 Legislative Session because odd number session years are largely limited to tax related bills. Included in this discussion, will be talk about property taxes, the statewide homestead exemption, and how state law requires local governments to raise revenue to fund local services.  In an election year, it is still yet to be seen if any structural changes will come out of this session, but the discussion on this topic this session will certainly lay the groundwork for debate during the 2023 statewide fall elections. 

Until some of these bills move out of the House Ways and Means Committee, the Louisiana REALTORS® Bill Review Team that the association will in most part remain neutral on these bills and potentially regroup to review that position as bills on the subject move through the process.  The following three benchmarks will be the basis of any review of any proposed changes to the homestead exemption and how state law requires local governments to raise revenue:

• Provide predictability for the property owner.
• Provide stability in the real estate market.
• Provide for comprehensive change in funding local government that allows for these entities to meet the needs of citizens.