Louisiana Senate Bill SB279

Louisiana 2015 Regular Session

• Introduced: 4/22/15
• Refer: 4/27/15

Caption

Requires the market approach to the valuation of the property of barge line, towing, and other water transportation companies. (gov sig)

Impact

The proposed legislation intends to streamline the appraisal process for specific public service properties, thereby potentially impacting property taxes for companies within this sector. By utilizing a market approach uniformly, the bill seeks to provide greater clarity and fairness in valuation, which may benefit both the government in receiving accurate tax revenue and the businesses being assessed. The uniformity could also reduce discrepancies and disputes related to property valuations among various assessors.

Summary

Senate Bill 279, introduced by Senator Chabert, focuses on the valuation of properties owned by barge line, towing, and other water transportation companies in Louisiana. The bill amends existing law to mandatorily require the Louisiana Tax Commission to use a market approach as the primary method for assessing the fair market value of these properties. This change aims to standardize the valuation process among assessors, ensuring consistency in assessment practices across the state for similar types of properties.

Sentiment

Sentiment surrounding SB 279 appears generally supportive as it addresses a specific need for a cohesive strategy in property valuation for the water transportation sector. The alignment with a standardized method of appraisal could be seen as a progressive move for the state, fostering a more business-friendly environment. However, there may be concerns from other areas regarding how rigorous or flexible the market approach may be in forming valuations.

Contention

While the bill seems bi-partisan in its intentions, there could be contention regarding the specifics of the market approach and its implementation practicality. Stakeholders might have varying opinions on how to define 'fair market value' and whether the market-driven methods will adequately reflect the complexities of local economies and operational realities faced by water transportation companies. Hence, the debate may not only hinge on the necessity of the law but also on the potential ramifications of its execution in the ever-evolving landscape of public service property management.