La. Admin. Code tit. 61 § V-3519
Current through Register Vol. 50, No. 11, November 20, 2024
Section V-3519 - Tulane University-Allocation FormulaA. The taxable assessed value of each property to be determined by the commission in compliance with §3509 and delivered by the commission to each reporting municipal district/parish in the form of a supplement or change order to the regular tax roll shall be calculated as follows. 1. Exemption Percentages and Amounts. Purpose: calculate both the percentage and the dollar amount of the Tulane exemption applicable to land and both the percentage and the dollar amount of the Tulane exemption applicable to improvements: a. (FMV Land Statewide) (x) (Land Assessment Ratio) (=) (Land Assessed Value Statewide)b. (FMV Improvements Statewide) (x) (Improvement Assessment Ratio) (=) (Improvement Assessed Value Statewide)c. (Land Assessed Value Statewide) (+) (Improvement Assessed Value Statewide) (=) (Total Assessed Value Statewide)d. (Land Assessed Value Statewide) (/) (Total Assessed Value Statewide) (=) (Land Exemption Percentage Statewide)e. (Improvement Assessed Value Statewide) (/) (Total Assessed Value Statewide) (=) (Improvement Exemption Percentage Statewide)f. (Land Exemption Percentage Statewide) (x) (Tulane Exemption) (=) (Land Exemption Amount Statewide)g. (Improvement Exemption Percentage Statewide) (x) (Tulane Exemption) (=) (Improvement Exemption Amount Statewide)2. Land. Purpose: calculate the assessed value of each land parcel after allocation of the Tulane exemption: a. (FMV each Land Parcel) (/) (FMV Land Statewide) (=) (Land Parcel FMV %)b. (Land Parcel FMV %) (x) (Land Exemption Amount Statewide) (=) (Land Parcel FMV Reduction by Exemption)c. (FMV each Land Parcel) (-) (Land Parcel FMV Reduction by Exemption) (=) (Land Parcel FMV after Exemption Reduction)d. (Land Parcel FMV after Exemption Reduction) (x) (Land Assessment Ratio) (=) (Land Parcel Assessed Value after Exemption)3. Improvements: a. (FMV each Improvement) (/) (FMV Improvements Statewide) (=) (Improvement FMV %)b. (Improvement FMV %) (x) (Improvement Exemption Amount Statewide) (=) (Improvement FMV Reduction by Exemption)c. (FMV each Improvement) (-) (Improvement FMV Reduction by Exemption) (=) (Improvement FMV after Exemption Reduction)d. (Improvement FMV after Exemption Reduction) (x) (Improvement Assessment Ratio) (=) (Improvement Assessed Value after Exemption)La. Admin. Code tit. 61, § V-3519
Promulgated by the Department of Revenue, Tax Commission, LR 31:726 (March 2005), amended LR: 33:504 (March 2007).AUTHORITY NOTE: Promulgated in accordance with R.S. 47:1837 and R.S. 47:1856.