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

3. How often do I report?
   The LAT-5 or 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.
4. 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).
5. 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. 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/Merchandise
This 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.

6. When is Personal Property assessed?
   The assessment date is the first day of January of each year, keeping in mind that personal property is reported a year in arrears.
7. 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% of market value.
8. When will I be informed of the assessment and what if I disagree?
   Assessment lists shall be open for public inspection under the check assessment tab each year for a period of 15 days, beginning no earlier than August 15th and ending no later than September 15^th. If you do not agree with the assessment, please contact the Personal Property Department to review.
9. When is the LAT-5 form due?
   The forms are due April 1^st 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.
10. Where do I mail the LAT-5?
    Mail the form to the Assessor’s office at PO BOX 52928 Shreveport, LA 71135.
11. Can I fill out the LAT-5 form online?
    Yes. You may now easily file online using our new third-party online portal, Just Appraised. You’ll need the PIN mailed to you on your LAT-5 form. To begin, click HERE.
    For detailed instructions on how to proceed, click HERE. Online filing is only available for non-leasing companies at this time.
12. What if I have questions or need assistance completing the Personal Property Report?
    Please contact someone in the Personal Property department at (985)-871-4540, or via email at personalproperty@stpao.org.
13. Why is my LAT 5 form to be mailed to a Shreveport address?
    In our efforts to more efficiently serve you, we have contracted with a company in Shreveport to digitally scan each LAT 5 as it is received. This allows us to retrieve it immediately and removes the delays caused by physically having to open each piece of mail. It is a fast, effective and efficient way to better serve our taxpayers.
14. Do I need to close my business with your office?  Yes, please complete the Affidavit of Personal Property found under the Forms and Resources tab and return it to personalproperty@stpao.org if your business closed in the prior tax year.
15. What forms do I need to file a late LAT 5 report? If you need to file a late personal property report please click here for instructions and tax form.

To view all state law rules and regulations on Personal Property please click here. 

Please contact our Personal Property Department at:

PersonalProperty@STPAO.org or (985)871-4540 if you need any assistance.

We are here to serve you.