WEST MONROE, LA. (KTVE/KARD)– This amendment deals with adding the value of oil and natural gas in the property assessment.
Over the years, Louisiana’s oil and gas production has decreased. Some wells that were originally assessed at a higher value have less value today. That’s because they have either matured or are seeing a significant drop in production.
Doctor John Sutherlin with ULM said this amendment would allow locals to make the adjustment so that these properties could be reassessed at a different level.
He added, this could result in more or less tax revenue, but it does not effect severance taxes.
“Those against it say what we really need is to look at the entire tax system across properties in the state, Sutherlin said. “Some would say this is a first step, others would say not a step enough.”
Those in favor of Amendment 2 say the adjustment will mean a more fair tax burden for those properties that are mature and have less value than when they were originally assessed.
For complete list of amendments on your ballot, click here.