Proposed Constitutional Amendment authorizes the City of New Orleans to exempt properties comprised of no more than fifteen residential units located in Orleans Parish from ad valorem taxes for promoting and encouraging affordable housing, and provides that the exemption may be for the total assessed value of the property, a portion of the property, or be based on the assessed valuation of the property for the year prior to commencement of the exemption. Further provides that the tax exemption shall not apply to properties used as rentals for periods of less than thirty days.

Proposed Constitutional Amendment provides that any decrease in the total amount of the ad valorem tax exemption collected by the taxing authority as a result of the 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. Further provides that the exemption shall neither trigger nor be cause for a reappraisal of property or an adjustment of millages pursuant to this constitution.