Personal Property

Business Personal Property - Frequently Asked Questions

  1. What is Personal Property?

    Personal Property is generally considered privately owned assets being used to conduct business that are moveable (which can be moved from one location to another).

  2. What are the types of Personal Property

    Types of Personal Property include:
  • Inventory/Merchandise
  • Furniture and Fixtures
  • Machinery and Equipment
  • Leasehold Improvements
  • Leased Equipment
  1. How often do I report?

    The LAT-5 or Personal Property Report is mailed out in the beginning of every year for you to report inventory from the previous year, and any asset acquisitions or deletions from the previous year.

  2. Is there a penalty for not reporting?

    If you fail to file a report every year when it is due, you lose the right to appeal the assessment by the Assessor (RS 47:2329), and may result in a penalty of 10% of the tax due (RS 47:2330A).

  3. How do I report my Personal Property?

Please complete the top of the form, providing the full legal name of the business, the business telephone number, the name of the owner or other person to contact (CPA or bookkeeper responsible for completing this form), and the specific type of business. For example, specify retail-men’s clothing or wholesale pipe supply, rather than just retail or wholesale.

If you reported in 2012, there is an attachment to the LAT-5 that lists assets submitted previously. It will not be necessary to relist these items. Please only note any additions, deletions, or corrections to each of the five sections on this form, based upon new purchases, sales, leases or disposals. Please sign and return both forms; and attach any Schedule E or depreciation schedule that you may have from your most recent tax return.

Section 1 - Inventories/MerchandiseThis section is for you to report the inventory (raw materials, work in process, finished goods or supplies) or merchandise your business carries from the previous year.

  • If you conduct a monthly or quarterly inventory, you will enter the dollar amount of the wholesale/retail value of the merchandise/inventory in the merchandise column for each month that you conducted inventory, and attach a copy of your inventory.
  • If you only take inventory on a yearly basis, please enter the dollar amount of merchandise/inventory in the space entitled Average at the bottom of the form.

Section 2 - Furniture and Fixtures Complete this section to report the furniture (desks, chairs, credenzas, etc.) and fixtures (an article in the nature of personal property which has been so annexed to the realty that it is regarded as a part of the land; for example, shelving attached to the building.) used in your business.

  • List the year the item was purchased in the Year of Acquisition column.
  • Enter the amount that was originally paid for the item at the time of purchase in the Acquisition Cost column.
  • In the Description column, include a short description of the item you are reporting.

Section 3 – Machinery and Equipment This section is for you to report any machinery and equipment used in your business. Include items such as office machines, copiers, computers and other electronic equipment, phone systems, tractors, forklifts or other unlicensed vehicles, etc. that your business owns. (Not to include leased items. See below Section 5 for explanation.)

  • List the year the item was purchased in the Year of Acquisition column.
  • Enter the amount that was originally paid for the item at the time of purchase in the Acquisition Cost column.
  • In the Description column include a short description of the item you are reporting.

Section 4 – Leasehold Improvements/Miscellaneous Property Leasehold improvements are expenditures by a lessee to property they are leasing that improve or make the property more adaptable for the business’ use, such as lessee build outs of leased space.

  • Complete this section ONLY if you are leasing property and have made changes to that property at your cost. (Do not include improvements made at lessor costs.)
  • Provide a description of the property in the Item column.
  • List the year the item was purchased in the Year of Acquisition column.
  • Enter the amount that was originally paid for the item at the time of purchase in the Acquisition Cost column.

Section 5 – Consigned Goods, Leased, Loaned or Rented Equipment, Furniture, Etc.

Attach a list of any consigned goods, leased loaned or rented equipment, furniture, etc. that you use in this business. Give the names of the company’s, partnerships or individual’s from whom you lease, rent, or have consigned goods, as well as the address, phone number, and contact person of the lessor.

  1. When is Personal Property assessed?

    The assessment date is the first day of January of each year.

  2. How is my Personal Property assessed and calculated?

    Inventory is assessed at 15% of the monthly average. Other Personal Property is depreciated according to guidelines set by the state of Louisiana, based on the age and type of asset. The depreciated value is then assessed at 15%

  3. When will I be informed of the assessment and what if I disagree?

    Assessment lists shall be open for public inspection each year for a period of 15 days, beginning no earlier than August 15th and ending no later than September 15th. If you do not agree with the assessment, please contact the Personal Property Department to appeal.

  4. When is the LAT-5 form due?

    The forms are due April 1st of each year according to RS 47:2324. Upon written request, the assessor may grant an extension of time in which to file, not to exceed 30 days.

  5. Where do I mail the LAT-5?

    Mail the form to the Assessor’s office at 701 N Columbia St, Covington, LA, 70433.

  6. Can I fill out the LAT-5 form online?

    No. Please complete the form, sign it, and return to the original form to the Assessor’s office.

  7. What if I have questions or need assistance completing the Personal Property Report?

    Please contact someone in the Personal Property department at the following numbers:
    Laura Rodick (985)809-5534, Brittany Booth (985) 809-5539, Cindy Lutenbacher (985) 809-5532.


   

 

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