Present Constitution provides a special assessment level of residential property receiving the homestead exemption which is owned and occupied by the following person or persons who remain qualified for the special assessment level: 1) people who are 65 years of age or older; 2) people who have a service-connected disability rating of 50% or more by the United States Department of Veterans Affairs; 3) members of the armed forces of the United States or the Louisiana National Guard who owned and last occupied such property who are killed in action, or who are missing in action or are a prisoner of war for a period exceeding 90 days; or 4) any person or persons permanently totally disabled as determined by a final non-appealable judgment of a court or as certified by a state or federal administrative agency charged with the responsibility for making determinations regarding disability.

Present Constitution provides that a person shall be prohibited from receiving the special assessment if the person's adjusted gross income as reported in the federal tax return for the year prior to the application for special assessment exceeds $50,000. Provides that the adjusted gross income shall be determined by combining the adjusted gross income on both federal tax returns for persons applying for the special assessment whose filing status is married filing separately. Further provides that for each tax year beginning in 2001 and thereafter, the $50,000 limit shall be adjusted annually by the Consumer Price Index.

Proposed Constitutional Amendment changes the income threshold from $50,000 with annual adjustments by the Consumer Price Index to qualify for the special assessment to $100,000 with annual adjustments by the Consumer Price Index beginning in tax year 2026.