The Louisiana Tax Commission has introduced a series of key updates to Cost New values, which play a crucial role in determining the taxable worth of various types of property. These values represent the cost of replacing an asset with a new one of similar kind and quality at current prices, and are used to establish the base value for tax assessments before depreciation is considered. Several chapters have seen revisions to Cost New values. For Oil and Gas Properties (Chapter 9), the commission has adjusted serial numbers and increased Cost New values by 3%, reflecting current market conditions. Brine Operations (Chapter 10) have also been affected, with new Cost-New tables introduced based on casing size. A key update ensures that, for tax year 2025, assessed values of brine wells will range between 50% and 150% of the previous year’s assessments, providing more predictable and equitable taxation. Drilling Rigs (Chapter 11) have updated the fair market and assessed values based on recommendations from the Louisiana Assessors’ Association, directly tied to updated Cost New figures. Pipelines (Chapter 13) have seen new cost-per-mile assessments introduced, a metric closely related to replacement costs. Other categories, such as Watercraft (Chapter 7) and Aircraft (Chapter 15), have had their tables updated to reflect a new base date of Jan. 1, 2024, ensuring that the values used in assessments are aligned with the latest market data. Changes in General Business Assets (Chapter 25) involve deletions and revisions to cost indices and multipliers, with a new base date of Jan. 1, 2024.