Property Tax Alert: Louisiana

July 2004

Effective August 15, 2004, the Louisiana property tax assessment procedure is applicable to the stock of out-of-state banks.

Currently the law establishes a procedure for the assessment of shares of stock of all banks, banking companies, firms, associations, or corporations doing business in Louisiana and chartered by the laws of the state or the United States. The legislation subjects the stock of banks chartered under the laws of any other state or country and doing business in Louisiana to the assessment procedures.

The legislation further provides that, for purposes of arriving at the fair market value of out-of-state bank stock, the Louisiana Tax Commission must use statements made to the Federal Deposit Insurance Corporation (FDIC) or state regulator. In the case of banks created under the laws of another country, information is to be submitted to the Commission necessary to satisfy these purposes.

Please contact Rash & Associates for more information.