Louisiana Administrative Code › Title 61 - REVENUE AND TAXATION › Part V - Ad Valorem Taxation › Chapter 35 - Miscellaneous › Section V-3513 - Tulane University-Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. For the purpose of this Section, the
				following definitions apply.
Allocation Formula
- defined in LTC
				  Regulation 3519.
Assessed Value (AV)
- determined according to
				  Louisiana law.
Commission
- the Louisiana Tax Commission
				  (sometimes referred to as "LTC").
Fair Market Value (FMV)
- defined by
				  Louisiana law.
FMV Each Improvement
- the Fair Market Value
				  of all buildings and improvements in each tax assessment. (Tax assessors should
				  issue one tax assessment amount for all buildings and improvements.)
FMV Each Land Parcel
- the Fair Market Value
				  of all land in each tax assessment included in Non-Exempt Property.
FMV Improvements Statewide
- the total Fair
				  Market Value of all buildings and improvements included in Non-Exempt
				  Property.
FMV
Land
Statewide
- the total Fair Market Value of all land included in
				  Non-Exempt Property.
Improvement Assessment Ratio
- for Commercial
				  Properties, 15 percent of the Fair Market Value of the buildings and other
				  improvements only and for Residential Properties, 10 percent of the Fair Market
				  Value of the buildings and other improvements only.
Land Assessment Ratio
- 10 percent of the
				  Fair Market Value of the land only.
Louisiana
Tax Commission Form
				  TC-TU01-A (Tulane Non-Exempt Property Report)
- the form adopted by the
				  Commission for Tulane University to provide its list of Non-Exempt
				  Property.
Louisiana Tax Commission Form TC-TU01-B (Tulane
				  Non-Exempt Property Report of the Pre-Exemption Property Values)
- the
				  form completed by the Tax Assessor to provide to Tulane University and the
				  commission the Tax Assessor's proposed Fair Market Value and Assessed Value of
				  Tulane University's Non-Exempt Property.
Louisiana
Tax Commission Form
				  TC-TU02 (
Tulane
University
Exemption Allocation Report)
- the form adopted by the
				  commission in the form of a spreadsheet with formulas to be used for allocation
				  of the Tulane Exemption.
Net Fair Market Value of a Property
- the
				  Fair Market Value of that property minus its Pro-rata Share.
Non-Exempt Property
- any property owned by
				  Tulane University in the state of Louisiana that is not exempt by Louisiana law
				  for ad valorem tax purposes prior to application of the Tulane
				  exemption.
Pro-Rata Share
- that portion of the Tulane
				  Exemption allocated to each Non-Exempt Property according to the Allocation
				  Formula.
Tax Assessor
- all tax assessors within the
				  state of Louisiana, individually and/or jointly, whose jurisdiction includes
				  property owned by Tulane University.
Tulane Exemption
- the $5,000,000 exemption
				  as provided in Act 1884, No. 43.
Tulane Hearing Date
- the first Wednesday
				  and/or Thursday of each December shall be the commission hearing date for
				  resolution of any property valuation issues, and/or allocation of the Tulane
				  Exemption, and/or ordering issuance of supplements and change orders to the tax
				  rolls. If after the closing of the rolls in all Louisiana parishes in which
				  Tulane University owns Non-Exempt Property, there is no dispute as to the Fair
				  Market Value of any Non-Exempt Property, the commission, at its discretion, may
				  hold a hearing at an earlier date.
Tulane University
- the Administrators of the
				  Tulane Educational Fund, a Louisiana Non-Profit Corporation.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  47:1837 and
				  R.S.
				  47:1856.