Louisiana Administrative Code
Title 61 - REVENUE AND TAXATION
Part V - Ad Valorem Taxation
Chapter 15 - Aircraft
Section V-1501 - Guidelines for Ascertaining the Fair Market Value of Aircraft

Universal Citation: LA Admin Code V-1501

Current through Register Vol. 50, No. 9, September 20, 2024

A. General

1. Airplanes and helicopters, except those owned by a company engaged in the business of transporting passengers and/or property for hire on regularly scheduled flights, which are assessed as public service properties, are subject to valuation and assessment by parish assessors.

2. Antique airplanes, those manufactured at least 25 years ago, and not being used in commerce, are exempt from personal property taxes. Any aircraft weighing less than 6,000 pounds, which is owned by a private individual and not used for commercial or profit-making purposes is also exempt from personal property taxes (R.S. 47:6001).

3. Crop dusting airplanes used exclusively for agricultural purposes are exempt from personal property taxes (R.S. 47:1707).

4. As with other forms of personal property, aircraft are to be taxed where situated on January 1. Fair market value is the standard for valuation of aircraft. When determining the three approaches to value, the assessor may use any industry-recognized manual/manuals for weighting and correlating current market conditions as a part of the fair market valuation process. The procedures for discovery and valuation of aircraft follow.

B. Valuation When Using the Cost Approach. Fair market value is the valuation standard for aircraft. The assessor shall estimate the fair market value of each aircraft having situs in his parish through use of the information provided him on LAT Form 15. The same procedure shall be used as for other forms of machinery and equipment. That is, the original cost of the aircraft will be brought up to current value through use of the appropriate cost index, percent good factors and composite multipliers appearing in Table 1503.

C. Offshore oil and gas helicopters providing transportation and support services engaged in coastal trade shall be valued according to procedures established in paragraphs A. and B. of this chapter with obsolescence that may be granted according to Table 1504. Consideration of additional obsolescence may be granted upon showing evidence of loss, substantiated by the taxpayer in writing.

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:1837, R.S. 47:1952, R.S. 47:2323, R.S. 47:2326, R.S. 47:6001 and R.S. 47:1707.

Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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