The city of New Orleans needs approval from the State Legislature and the state's voters before it can implement tax relief measures meant to give more first-time homebuyers access to the housing market.
"In a boost to efforts to create more affordable housing in New Orleans, a Louisiana Senate committee on Monday cleared a ballot issue that could bring some tax relief to the city’s homeowners," reports Jessica Williams.
If approved by the Louisiana State Legislature, voters would also get a chance to approve or deny the tax relief measure.
"The proposal, backed by Mayor LaToya Cantrell, would let New Orleans offer tax freezes, exemptions or other relief on local property taxes to longtime and first-time homeowners," according to Williams.
Williams provides context about the New Orleans housing market—where wages have not kept up with housing costs and the city is adding very few new affordable units.
Read the full story: In effort to create more affordable housing, New Orleans property tax relief bill clears Senate committee
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