Proposed Constitutional Amendment provides that in addition to the homestead exemption authorized by this constitution which applies to the first $7,500 of the assessed valuation of property, the next $7,500 of the assessed valuation of property which is owned and occupied by a veteran with a service-connected disability rating of one hundred percent by the United States Department of Veterans Affairs, shall be exempt from ad valorem taxation. Also provides that the surviving spouse of a deceased veteran with a service-connected disability rating of one hundred percent shall be eligible for this exemption, if the exemption was in effect on the property prior to the death of the veteran and the surviving spouse remains the owner of the property.

Proposed Constitutional Amendment further provides that if the property eligible for this exemption has an assessed value in excess of $15,000, ad valorem property taxes shall apply to the assessment in excess of $15,000.

Proposed Constitutional Amendment provides that notwithstanding any other provision of this constitution, the property assessment of a property for which this exemption has been claimed, up to $7,500, shall not be treated as taxable property for purposes of any subsequent reappraisals and valuation for millage adjustment purposes under Article VII, Section 23(B) of this constitution. Also provides that the decrease in the total amount of ad valorem tax collected by a taxing authority as a result of this exemption shall be absorbed by the taxing authority and shall not create any additional tax liability for other taxpayers in the taxing district as a result of any subsequent reappraisal and valuation or millage adjustment.

Proposed Constitutional Amendment further provides that implementation of this exemption shall neither trigger nor be cause for a reappraisal of property or an adjustment of millages pursuant to Article VII, Section 23(B) of this constitution.

Proposed Constitutional Amendment provides that this exemption shall only extend and apply in a parish if it is established through an election called by either an ordinance or resolution from the parish governing authority. Also provides that the proposition submitted to the voters shall state that the exemption shall extend and apply in the parish and become effective only after the question of its adoption has been approved by a majority of the registered voters of the parish voting in an election held for that purpose.