La. Admin. Code tit. 61, § V-501 - Guidelines for Ascertaining Fair Market Value of Loan and Finance Company Personal Property
A. The
taxable personal property of loan and finance companies includes office
equipment, office furniture and fixtures, repossessed property and certain
credits (loans which are not secured by property located in Louisiana; Column
3, loans secured by personal endorsement; Column 5, and signature loans; Column
6). Loans secured by mortgages on property located in Louisiana are exempted
from taxation by authority of the Louisiana Constitution.
B. Each parish assessor shall provide loan
and finance companies with copies of LAT Form 5 and LAT Form 6.
1. LAT Form 5 should be utilized to identify
the existence and value of office furniture and equipment. When using the cost
approach in appraisal of the property, these items are to be brought to present
day values and depreciated according to the effective age of the items in
compliance with the appropriate tables in
§2503 for office equipment and office
furniture and fixtures, respectively.
2. LAT Form 6 shall be utilized to identify
and value repossessed property, which shall be assessed at 15 percent of fair
market value. The value of repossessed property is determined in accordance
with the appropriate Section of these rules and regulations.
3. LAT Form 6 shall also be utilized to
identify and value taxable credits. Such credits shall be offset and lessened
by the actual bona fide accounts payable, bills payable and other liabilities
of a similar character (R.S.
47:1962). This is accomplished by determining
the percentage taxable receivables (sum of average of third, fifth and sixth
columns on face of form) are to average total receivables, then deducting that
percentage of allowable payables (sum of average of first, second and third
columns on reverse of form) from total taxable receivables. This remainder
shall be assessed at 15 percent of fair market value.
Notes
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