La. Admin. Code tit. 61 § V-307

Current through Register Vol. 50, No. 6, June 20, 2024

Section V-307 - Personal Property Report Forms

A. The appropriate self-reporting Personal Property Report Form, is to be forwarded each year, on or before February 15 in the year in which the property is to be appraised, to each person in whose name the property is assessed. Upon completion, the property owner shall return the form to the assessor by the first day of April of that year or 45 days after receipt, whichever is later Prior to the deadhne for filing a complaint with the Board of Review provided for in R.S. 47:1992, the property owner shall also submit to the assessor, or the designee contracted by the assessor, any and all additional documentation and information the property owner beheves is relevant to the determination of fair market value of the reported property. Nothing in these Rules prohibits a taxpayer/property owner from arguing that the tables fail to achieve fair market value in a particular appeal or that another approach to value is appropriate to achieve fair market value in a particular appeal. It is the party seeking a deviation from the tables or for a reduction for its property based on obsolescence who has the burden of producing sufficient data and information to substantiate its claim. The assessor shall legitimately consider all evidence and information submitted or publicly available to the assessor, including the consideration of functional and/or economic obsolescence. The assessor shall request additional documentation from the taxpayer if the assessor determines that the documentation submitted by the taxpayer is insufficient. The assessor shall promptly respond to a taxpayer's request for a reduction in value and/or obsolescence. Both the assessors and taxpayers are expected and ordered to act in good faith on issues concerning personal property renditions and requests for a fair market value reduction based on obsolescence. On appeal to the Tax Commission, the assessor shall be prepared to offer an articulated analysis for the assessor's determination of value, including the consideration of functional and/or economic obsolescence, and shall be prepared to offer an articulated analysis for the assessor's evaluation of the sufficiency of the taxpayer's documentation.

1. LAT Form 5, Personal Property Report Form, should be furnished to all individuals, partnerships, corporations, associations, etc., engaged in business and owning personal property. After receiving completed personal property report forms from any business that has consigned merchandise, or leased, loaned or rented equipment, another LAT Form 5 should be sent to those companies owning such property. Service station owners and all oil and gas related businesses should refer to §903 for specific instructions on completion of this form.

2. LAT Form 5A, Tax Exemption Analysis Form, should be furnished, in addition to LAT Form 5, to all concerns enjoying a tax exemption granted under Article VII, Section 21(F) of the Louisiana Constitution.

3. LAT Form 6, Loan and Finance Companies Form, should be furnished to all loan and finance companies doing business in the parish or taxing district.

4. LAT Form 7, Cellular Industry Form, should be furnished to all cellular industry companies doing business in the parish or taxing district.

5. LAT Form 8, Cable TV Industry Form, should be furnished to all cable television industry companies doing business in the parish or taxing district.

6. LAT Form 10, Brine Operations Property Form, should be furnished to all brine operation companies doing business in the parish or taxing district.

7.

a. LAT Form 11, Watercraft, should be sent to owners of watercraft domiciled in the parish and to all owners operating watercraft out of the parish on the assessment date. This form should be used as a supplement to LAT 5 for companies that own such property but are not interstate towing or barge line companies, whose watercraft are assessed by the Tax Commission as pubhc service properties.

i. local parish assessor;

ii. Department of Revenue and Taxation, Secretary (pursuant to Act 59 of 1994); and

iii. local tax collector.

b. All forms shall bear original signatures by the applicable taxpayer for certification purposes.

8. LAT Form 12, Oil and Gas Property Form, should be sent to any company, business or individual having such property in the parish or taxing district. Refer to the oil and gas properties section (§903) for specific instructions on completion of this form.

9. LAT Form 13, Drilling Rig and Related Equipment Form, should be sent, in addition to LAT Form 5, to any company, business or individual having such property in the parish or taxing district. Refer to the drilling rigs and related equipment Section (§1101) for specific instructions on completion of this form.

10. LAT Form 14, Pipelines Form, should be furnished to all companies owning and/or operating pipelines other than pipelines which are assessed as public service properties by the Tax Commission. This form is considered to be a supplement to LAT Form 5 and LAT Form 12. Refer to the pipelines Section (§1301) for specific instructions on completion of this form.

11. LAT Form 15, Aircraft Form, should be furnished to all individuals, partnerships, corporations, associations, etc., owning and/or operating an aircraft in Louisiana as of the assessment date. This form is considered to be a supplement to LAT Form 5. Refer to the aircraft Section (§1501) for specific instructions on completion of this form.

B. Forms Related Notations

1. The assessor shall request and receive additional information, if needed, to determine fair market value under the authority of R.S. 47:1957 and as otherwise provided by law.

2. Failure to submit required forms is a waiver of the right to appeal assessed value (R.S. 47:1992.C and F, R.S. 47:2329) and, may result in a penalty (R.S. 47:2330.B).

3. False or fraudulent reporting may result in a penalty (R.S. 47:2330.A).

La. Admin. Code tit. 61, § V-307

Promulgated by the Tax Commission, LR 2:358 (November 1976), amended by the Department of Revenue and Taxation, Tax Commission, LR 8:102 (February 1982), LR 13:764 (December 1987), LR 16:1063 (December 1990), LR 21:186 (February 1995), LR 33:489 (March 2007), Amended by the Department of Revenue, Tax Commission, LR 45533 (4/1/2019), Amended LR 481522 (6/1/2022), Amended LR 491039 (6/1/2023).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:1837, R.S. 47:2324 and R.S. 47:2326.