Louisiana § RS 40:490 - Tax exemption
Full text of Louisiana Louisiana Civil Code § RS 40:490 — Tax exemption, with citation guidance and answers to common questions.
§ RS 40:490. Tax exemption
A. All evidences of indebtedness of an authority are issued for a public purpose, are public instrumentalities, and, together with the interest and income thereon, are exempt from taxes. An authority is exempt from the payment of any taxes or fees to the state or any subdivision thereof or to any officer or employee of the state or any subdivision thereof. The property of an authority is exempt from all taxes of the municipality or parish and from all other local taxes.
B. However, except in the parish of East Baton Rouge, unless otherwise provided in Subsection C of this Section, the municipality or parish may:
(1) Fix a sum which shall be paid to it annually by an authority for each housing project located therein;
(2) Agree with an authority or government upon the sum to be paid by the authority for any year or years for a housing project or projects located therein;
(3) Accept or agree to accept a fixed sum or other consideration in lieu of any such payment for any year or years; or
(4) Agree that the authority shall not pay or be liable to pay any sum for housing projects located therein.
C. Notwithstanding the provisions of Subsection B of this Section, the parish of East Baton Rouge and any municipality or school board in that parish may exercise any of the powers granted in Subsection B of this Section. A housing authority in the parish of East Baton Rouge shall make payments in lieu of taxes to a school district in which the housing authority is located.
Amended by Acts 1985, No. 317, §1, eff. July 9, 1985; Acts 2003, No. 1163, §1; Acts 2011, 1st Ex. Sess., No. 12, §1, eff. June 12, 2011.
Frequently Asked Questions About Louisiana § RS 40:490
What does Louisiana Civil Code § RS 40:490 cover?
Section RS 40:490 ("Tax exemption") is part of the Louisiana Civil Code, the codified statutory law of Louisiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Louisiana § RS 40:490?
A common citation format is "Louisiana Civil Code § RS 40:490" (Louisiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Louisiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Louisiana official source linked on this page or consult a licensed Louisiana attorney.
How does Louisiana § RS 40:490 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Louisiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Louisiana.