What is Personal Property?

Personal property is tangible property that is capable of being moved or removed from real property without substantial damage to the property itself or the real property from which it is capable of being removed. Personal property shall include but not necessarily be limited to inventory, furniture, fixtures, machinery and equipment, and all process and manufacturing machinery and equipment, including the foundations therefor. Examples of personal property are: inventory, merchandise, furniture and fixtures, machinery and equipment, leasehold improvements, etc.


See LAT 5 Form

How often do I report?

The Personal Property Report is mailed out at the beginning of every year for you to report inventory from the previous year, and any asset acquisitions or deletions from the previous year. The assets listed on the LAT-5 form should reflect what is in the business as of January 1st of the filing year.

Is there a penalty for not reporting?

Failure to report a LAT-5 form will result in a 25% increase of the assessment from the previous year. In some cases a personal property assessment can be amended. For instructions on how to do this, please call 504-362-4100 and click here.

How do I report my Personal Property?

Please see below for an example LAT-5 and instruction for each section.

Lat 5 Example for 2016

When is the LAT-5 Form due?

Jefferson Parish LAT-5 forms are due 45 days after receipt.

When and how is my Personal Property assessed and calculated?

The assessment date is the first day of January of each year. Inventory is assessed at 15% of the monthly average. Other personal property is depreciated according to guidelines set by the state of Louisiana. We use these guidelines (Table 2503.D in the link below) to determine a fair market value, we then multiply the fair market value by 15% to determine the assessment. For more information on these guidelines please follow the link below.

General Business Assets - Louisiana Tax Commission, Ch. 25

 

 

Where do I mail the LAT-5 form?

Mail the form to:

Thomas J. Capella, CLA

Assessor, Jefferson Parish

Attn: Personal Property Dept.

200 Derbigny St., Suite 1100

Gretna, LA 70053

 

Please call 504-362-4100 and ask for the personal property department if you have any questions.