LAC 61:V.3513 — Tulane University―Definitions

A. For the purpose of this Section, the following definitions apply.
Allocation Formuladefined in LTC Regulation 3519.
Assessed Value (AV)determined according to Louisiana law.
Commissionthe Louisiana Tax Commission (sometimes referred to as "LTC").
FMV Each Improvementthe Fair Market Value of all buildings and improvements in each tax assessment. (Tax assessors should issue one tax assessment amount for all buildings and improvements.)
FMV Each Land Parcelthe Fair Market Value of all land in each tax assessment included in Non-Exempt Property.
FMV Improvements Statewidethe total Fair Market Value of all buildings and improvements included in Non-Exempt Property.
FMV Land Statewidethe total Fair Market Value of all land included in Non-Exempt Property.
Fair Market Value (FMV)defined by Louisiana law.
Improvement Assessment Ratiofor Commercial Properties, 15 percent of the Fair Market Value of the buildings and other improvements only and for Residential Properties, 10 percent of the Fair Market Value of the buildings and other improvements only.
Land Assessment Ratio10 percent of the Fair Market Value of the land only.
Louisiana Tax Commission Form TC-TU01-A (Tulane Non-Exempt Property Report)the form adopted by the Commission for Tulane University to provide its list of Non-Exempt Property.
Louisiana Tax Commission Form TC-TU01-B (Tulane Non-Exempt Property Report of the Pre-Exemption Property Values)the form completed by the Tax Assessor to provide to Tulane University and the commission the Tax Assessor's proposed Fair Market Value and Assessed Value of Tulane University's Non-Exempt Property.
Louisiana Tax Commission Form TC-TU02 (Tulane University Exemption Allocation Report)the form adopted by the commission in the form of a spreadsheet with formulas to be used for allocation of the Tulane Exemption.
Net Fair Market Value of a Propertythe Fair Market Value of that property minus its Pro-rata Share.
Non-Exempt Propertyany property owned by Tulane University in the state of Louisiana that is not exempt by Louisiana law for ad valorem tax purposes prior to application of the Tulane exemption.
Pro-Rata Sharethat portion of the Tulane Exemption allocated to each Non-Exempt Property according to the Allocation Formula.
Tax Assessorall tax assessors within the state of Louisiana, individually and/or jointly, whose jurisdiction includes property owned by Tulane University.
Tulane Exemptionthe $5,000,000 exemption as provided in Act 1884, No. 43.
Tulane Hearing Datethe first Wednesday and/or Thursday of each December shall be the commission hearing date for resolution of any property valuation issues, and/or allocation of the Tulane Exemption, and/or ordering issuance of supplements and change orders to the tax rolls. If after the closing of the rolls in all Louisiana parishes in which Tulane University owns Non-Exempt Property, there is no dispute as to the Fair Market Value of any Non-Exempt Property, the commission, at its discretion, may hold a hearing at an earlier date.
Tulane Universitythe Administrators of the Tulane Educational Fund, a Louisiana Non-Profit Corporation.