La. Admin. Code tit. 61 § V-1305
Current through Register Vol. 50, No. 6, June 20, 2024
Section V-1305 - Reporting ProceduresA. Each pipe size, type and length in miles must be reported separately.B. Each form will cover four listings with sufficient space provided to indicate location of each, viz: from lease or facility to junctions of lines of other companies or to lines assessed by Louisiana Tax Commission, from ward line to ward line (according to taxing districts), etc.C. Use schedules adopted by the Tax Commission and report cost per mile, calculate and extend "total replacement cost."D. Year installed will determine tax age and percent good, unless conditions warrant change.E. Refer to current cost tables (1307.A and 1307.B) and depreciation guidelines (Table 1307.C) adopted by the Louisiana Tax Commission. Yearly depreciation will be allowed, according to actual age, on an economic life of 26.5 years, however, as long as pipeline is in place and subject to operation, the remaining percent good shall not be lower than that allowed for the maximum actual age shown in Table 1307.C.F. Assessment will be based on fair market value. 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.G. Pipeline sales, properly documented, should be considered by the assessor as the fair market value, provided the sale meets all tests relative to it being a valid sale.La. Admin. Code tit. 61, § V-1305
Promulgated by the Department of Revenue and Taxation, Tax Commission, LR 8:102 (February 1982), amended LR 10:940 (November 1984), LR 17:1213 (December 1991), amended by the Department of Revenue, Tax Commission, LR 24:488 (March 1998), LR 25:316 (February 1999), LR 26:508 (March 2000), LR 35:498 (March 2009), LR 36:778 (April 2010), LR 37:1400 (May 2011).AUTHORITY NOTE: Promulgated in accordance with R.S. 47:1837.