DECLARATION of EMERGENCY Office of the Governor Division of Administration Tax Commission Ad Valorem Taxation (LAC 61:V.101, 30
DECLARATION OF EMERGENCY Depreciationloss in value of an object, relative to its replacement cost new, reproduction cost new, or original Office of the Governor cost, whatever the cause of the loss in value. Depreciation is Division of Administration sometimes subdivided into three types: physical Tax Commission deterioration (wear and tear), functional obsolescence (suboptimal design in light of current technologies or tastes), Ad Valorem Taxation and economic obsolescence (poor location or radically (LAC 61:V.101, 301, 701, 703, 705, 907, 1103, diminished demand for the product. 1307, 1503, 2501, 2503, 3103, and 3301) Economic Lifethe normal useful life of the property as experienced by a particular business or industry. The Louisiana Tax Commission exercised the provisions of the Administrative Procedure Act, R.S. 49:953(B), and External (Economic) Obsolescencethe loss of appraisal pursuant to its authority under R.S. 47:1837, adopted the value (relative to the cost of replacing a property with following additions, deletions and amendments to the property of equal utility) resulting from causes outside the Real/Personal Property Rules and Regulations. This rule is property that suffers the loss. Usually locational in nature in hereby adopted on the day of promulgation. the depreciation of real estate, it is more commonly This Emergency Rule is necessary in order for ad valorem marketwide in personal property, and is generally considered tax assessment tables to be disseminated to property owners to be economically infeasible to cure. and local tax assessors no later than the statutory valuation Effective Age of a Propertyits age compared with other date of record of January 2021.
[Show full text]