La. Admin. Code tit. 61 § V-3515

Current through Register Vol. 50, No. 11, November 20, 2024

Section V-3515 - General Rule

A. Each property of Tulane University statewide for each tax year shall be and remain marked as exempt on all tax rolls until the commission has allocated the Tulane exemption across all non-exempt property according to the allocation formula and delivers its supplements or change orders to each reporting parish indicating the net fair market value and resulting assessed value for the land and improvements of each non-exempt property.

B. Should the fair market value of Tulane University's non-exempt property exceed the Tulane exemption then the commission shall determine the net fair market value and resulting assessed value of each non-exempt property according to the allocation formula.

C. The property status as of January 1st (August 1st preceding the tax year for Orleans Parish) each tax year shall determine whether a property is non-exempt property.

D. Since Orleans Parish imposes a prospective taxable year for ad valorem taxes and all other parishes in the state impose a retrospective taxable year, for the purpose of allocation of the Tulane exemption only, and no other matter, the prospective taxable year of Orleans Parish and the retrospective taxable year applicable in all other parishes shall be considered the same taxable year.

E. All Tax Assessors and related governmental entities shall use current, accurate property legal descriptions found in the public records for all real estate assessments, correspondence, and notices when complying with §3509

F. All Tulane University property tax bills and related correspondence shall be sent to:

Tulane University

Attention: Director of Real Estate

800 East Commerce Road, Suite 201

Harahan, LA 70123-3452

G. All correspondence to the commission related to Regulation 3509 shall be sent to:

Louisiana Tax Commission

Attention: Tulane Exemption

Post Office Box 66788

Baton Rouge, LA 70896 -6788

H. All correspondence to each Tax Assessor related to Section 3509 shall be sent to its address as shown in the public record.

La. Admin. Code tit. 61, § V-3515

Promulgated by the Department of Revenue, Tax Commission, LR 31:725 (March 2005), amended LR 33:503 (March 2007), LR 34:691 (April 2008).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:1837 and R.S. 47:1856.