La. Admin. Code tit. 61 § V-1103
Current through Register Vol. 50, No. 6, June 20, 2024
Section V-1103 - Drilling Rigs and Related Equipment TablesA. Land Rigs Table 1103.A Land Rigs |
Depth "0" to 7,000 Feet |
Depth (Ft.) | Fair Market Value | Assessment |
| $ | $ |
3,000 | 216,400 | 32,500 |
4,000 | 290,500 | 43,600 |
5,000 | 295,500 | 44,300 |
6,000 | 316,800 | 47,500 |
7,000 | 408,500 | 61,300 |
Depth 8,000 to 10,000 Feet |
Depth (Ft.) | Fair Market Value | Assessment |
| $ | $ |
8,000 | 597,500 | 89,600 |
9,000 | 888,600 | 133,300 |
10,000 | 1,269,000 | 190,400 |
Depth 11,000 to 15,000 Feet |
Depth (Ft.) | Fair Market Value | Assessment |
| $ | $ |
11,000 | 1,712,700 | 256,900 |
12,000 | 2,185,300 | 327,800 |
13,000 | 2,648,700 | 397,300 |
14,000 | 3,065,700 | 459,900 |
15,000 | 3,404,300 | 510,600 |
Depth 16,000 to 20,000 Feet |
Depth (Ft.) | Fair Market Value | Assessment |
| $ | $ |
16,000 | 3,642,900 | 546,400 |
17,000 | 3,774,400 | 566,200 |
18,000 | 3,811,300 | 571,700 |
19,000 | 3,789,700 | 568,500 |
20,000 | 3,774,700 | 566,200 |
Depth 21,000 + Feet |
Depth (Ft.) | Fair Market Value | Assessment |
| $ | $ |
21,000 | 3,864,400 | 579,700 |
25,000 + | 3,984,900 | 597,700 |
1. Barges (Hull)-Assess Barges (Hull) at 25 percent of the assessment for the rig value bracket, and add this to the proper rig assessment to arrive at total for barge and its drilling rig.2. Living quarters are to be assessed on an individual basis.B. Jack-Ups Table 1103.B Jack-Ups |
Type | Water Depth Rating | Fair Market Value | Assessment |
IC | 0-199 FT. | $ 68,400,000 | $ 10,260,000 |
| 200-299 FT. | 136,500,000 | 20,475,000 |
| 300 FT. and Deeper | 272,700,000 | 40,905,000 |
| | | |
IS | 0-199 FT. | 20,500,000 | 3,075,000 |
| 200-299 FT. | 34,100,000 | 5,115,000 |
| 300 FT. and Deeper | 41,000,000 | 6,150,000 |
| | | |
MC | 0-199 FT | 6,800,000 | 1,020,000 |
| 200-299 FT. | 13,700,000 | 2,055,000 |
| 300 FT. and Deeper | 54,600,000 | 8,190,000 |
| | | |
MS | 0-249 FT. | 14,300,000 | 2,145,000 |
| 250 FT. and Deeper | 28,200,000 | 4,230,000 |
IC - Independent Leg Cantilever
IS - Independent Leg Slot
MC - Mat Cantilever
MS - Mat Slot
C. Semisubmersible Rigs Table 1103.C Semisubmersible Rigs |
Water Depth Rating | Fair Market Value | Assessment |
| $ | $ |
0- 800 FT. | 62,400,000 | 9,360,000 |
801-1,800 FT. | 111,800,000 | 16,770,000 |
1,801-2,500 FT. | 204,800,000 | 30,720,000 |
2,501FT. and Deeper | 642,700,000 | 96,405,000 |
NOTE: The fair market values and assessed values indicated by these tables are based on the current market (sales) appraisal approach and not the cost approach.
1. The fair market values and assessed values indicated by the tables above for drilling rigs are based on the current market (sales) appraisal approach and not the cost approach.2. These tables assume complete rigs in good condition. If it is documented to the assessor that any drilling rig is incomplete or is in less than good condition, these amounts should be adjusted.3. Significant variations from the "Good" condition are possible and must be considered when the drilling rig is valued. These variations in condition are acknowledged by HADCO in the newsletter pricing. Conditions from "poor" to "excellent" are priced for all depth ratings. If adjustments are needed, the most recent HADCO newsletter shall be used to determine the proper adjusted condition. a. Significant factors that would downgrade the condition can be identified by: i. a detailed estimate and description of substantial capital repairs needed on the rig and/or rig data sheet verifying the rig is of outdated technology (mechanical rig or the like).b. Significant factors that would UPGRADE the condition can be identified by: i. a rig manufactured date on the LAT form of less than three years.D. Well Service Rigs Land Only Table 1103.D Well Service Rigs Land Only |
Class | Mast | Engine | Fair Market Value (RCNLD) | Assessment |
I | 71' X 125M# 71' X 150M# 72' X 125M# 72' X 150M# 75' X 150M# | C-7 50 SERIES 6V71 | 95,000 | 14,300 |
II | 96' X 150M# 96' X 180M# 96' X 185M# 96' X 200M# 96' X 205M# 96' X 210M# 96' X 212M# 96' X 215M# | C-11 50 SERIES 8V71 | 135,000 | 20,300 |
III | 96' X 240M# 96' X 250M# 96' X 260M# 102' X 215M# | C-11 50 SERIES 8V92 | 170,000 | 25,500 |
IV | 102' X 224M# 102' X 250M# 103' X 225M# 103' X 250M# 104' X 250M# 105' X 225M# 105' X 250M# | C-15/C-13 60 SERIES 12V71 | 200,000 | 30,000 |
V | 105' X 280M# 106' X 250M# 108' X 250M# 108' X 260M# 108' X 268M# 108' X 270M# 108' X 300M# | C-15/C-13 60 SERIES 12V71 12V92 | 230,000 | 34,500 |
VI | 110' X 250M# 110' X 275M# 112' X 300M# 112' X 350M# | C-15 60 SERIES 12V71 (2) 8V92 | 265,000 | 39,800 |
VII | 117' X 350M# | (2) C-18 (2) 60 SERIES (2) 8V92 (2) 12V71 | 310,000 | 46,500 |
1. The RCNLD values given in the table above for service rigs have been determined with 60 percent default depreciation rate. The HADCO data for RCN of service rigs does not contain a stated condition (excellent, good, fair, etc.) similar to drilling rigs. E. Consideration of Obsolescence 1. Functional and/or economic obsolescence is a loss in value of personal property above and beyond physical deterioration. Functional and/or economic obsolescence shall be considered in the analysis of fair market value as substantiated by the taxpayer in writing. Consistent with Louisiana R.S. 47:1957, the assessor may request additional documentation.La. Admin. Code tit. 61, § V-1103
Promulgated by the Department of Revenue and Taxation, Tax Commission, LR 8:102 (February 1982), amended LR 10:939 (November 1984), LR 12:36 (January 1986), LR 13:188 (March 1987), LR 16:1063 (December 1990), LR 17:1213 (December 1991), LR 22:117 (February 1996), LR 23:205 (February 1997), amended by the Department of Revenue, Tax Commission, LR 24:487 (March 1998), LR 25:315 (February 1999), LR 26:508 (March 2000), LR 27:426 (March 2001), LR 28:519 (March 2002), LR 30:488 (March 2004), LR 31:718 (March 2005), LR 32:431 (March 2006), LR 33:493 (March 2007), LR 34:683 (April 2008), LR 35:497 (March 2009), LR 36:778 (April 2010), amended by the Office of the Governor, Division of Administration, Tax Commission, LR 37:1399 (May 2011), LR 38:808 (March 2012), LR 39:495 (March 2013), LR 40:536 (March 2014), LR 41:678 (April 2015), Amended by the Office of the Governor, Division of Administration, Tax Commission, LR 42748 (5/1/2016), Amended LR 43654 (4/1/2017), Amended by LR 44581 (3/1/2018), Amended by the Division of Administration, Tax Commission, LR 45535 (4/1/2019), Amended LR 46562 (4/1/2020), Amended LR 47467 (4/1/2021), Amended LR 481525 (6/1/2022), Amended LR 491058 (6/1/2023), Amended LR 50, exp. 4/30/2024(Emergency), Amended LR 50381 (3/1/2024).AUTHORITY NOTE: Promulgated in accordance with R.S. 47:1837 and R.S. 47:2323.