Louisiana Administrative Code
Title 61 - REVENUE AND TAXATION
Part V - Ad Valorem Taxation
Chapter 5 - Loan and Finance Companies
Section V-501 - Guidelines for Ascertaining Fair Market Value of Loan and Finance Company Personal Property
Universal Citation: LA Admin Code V-501
Current through Register Vol. 50, No. 9, September 20, 2024
A. The taxable personal property of loan and finance companies includes office equipment, office furniture and fixtures, repossessed property and certain credits (loans which are not secured by property located in Louisiana; Column 3, loans secured by personal endorsement; Column 5, and signature loans; Column 6). Loans secured by mortgages on property located in Louisiana are exempted from taxation by authority of the Louisiana Constitution.
B. Each parish assessor shall provide loan and finance companies with copies of LAT Form 5 and LAT Form 6.
1. LAT Form 5 should be utilized to identify
the existence and value of office furniture and equipment. When using the cost
approach in appraisal of the property, these items are to be brought to present
day values and depreciated according to the effective age of the items in
compliance with the appropriate tables in
§2503 for office equipment and office
furniture and fixtures, respectively.
2. LAT Form 6 shall be utilized to identify
and value repossessed property, which shall be assessed at 15 percent of fair
market value. The value of repossessed property is determined in accordance
with the appropriate Section of these rules and regulations.
3. LAT Form 6 shall also be utilized to
identify and value taxable credits. Such credits shall be offset and lessened
by the actual bona fide accounts payable, bills payable and other liabilities
of a similar character (R.S. 47:1962). This
is accomplished by determining the percentage taxable receivables (sum of
average of third, fifth and sixth columns on face of form) are to average total
receivables, then deducting that percentage of allowable payables (sum of
average of first, second and third columns on reverse of form) from total
taxable receivables. This remainder shall be assessed at 15 percent of fair
market value.
AUTHORITY NOTE: Promulgated in accordance with R.S. 47:1962.
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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