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Louisiana Tax Commission adopts package of property-rule amendments, emergency rule effective Jan. 1, 2025
Summary
The Louisiana Tax Commission on Oct. 9 adopted multiple amendments to its real and personal property rules, including updates to the LAT-12 oil-and-gas reporting form, new cost tables and base-date changes. The commission said the emergency rule will take effect Jan. 1, 2025 and the motions will be posted online and published in the Louisiana Register.
BATON ROUGE — The Louisiana Tax Commission voted Wednesday to adopt a suite of amendments to its real and personal property rules and regulations, approving updates to oil-and-gas reporting, multiple cost tables and base dates and adopting an emergency rule that the commission said will take effect Jan. 1, 2025.
The package, presented as tentative amendments and moved for final adoption, included a revision to the LAT‑12 oil-and-gas property form; updates to base dates in several tables to Jan. 1, 2024; new cost tables for brine operation and service wells; and a roughly 3% increase to certain "cost new" values. Commissioners said the changes were proposed by the Louisiana Assessors Association and by Louisiana Tax Commission staff.
Commissioner Romick detailed one change to well assessments, saying, "for tax year 2025, the assessed value of the wells assessed in this chapter on an individual property basis is to be limited to a range of 50% to 150% of the assessed value of the same wells in the previous tax year." That language was included in the motion to amend chapter 10 and the motion was adopted.
Other adopted changes include updates to chapter 7 tables (703a1, 703b1 and 705a1) to set new base dates of Jan. 1, 2024; amendments to chapter 9 to revise the definition of "production train" and permit a single Excel attachment in lieu of separate LAT‑12 forms provided a signed LAT‑12 is submitted; amendments to chapters 11, 13 and 15 to update fair-market and assessed values, cost-per-mile figures and base dates; deletions in chapter 31 of specified items; and targeted edits to valuation instruction language in section 2501.a.
The commission said staff will post the motions and the adopted rule language to the commission website and that the amendments will appear in the Dec. 22, 2024 edition of the Louisiana Register. During the discussion period, Conrad Como of Lafayette Parish Assessment asked the commission to consider a letter he had submitted about form changes; the commission said it would take his requested form revisions up at a later time and not as part of the current rule package.
Chairman Russo also noted that other rules, including matters involving carbon capture, remain under consideration and will be addressed separately at a later date. The meeting adjourned at 1:09 p.m.
