Personal Property

Definition of Personal Property

In addition to real estate, Indiana taxes all personal property. The taxpayer is responsible for reporting all tangible personal property that is used in their trade or business, used for the production of income, or held as an investment that should be or is subject to depreciation for federal income tax purposes. Personal property is any property not attached to real estate, such as but not limited to farm implements, office equipment, and manufacturing equipment.

Personal Property is self-assessed by the taxpayer but then it is audited at the County Assessor's office for accuracy. The Personal Property Return is confidential with the exception of Form 104 which is available for public viewing.

Form 101, which was used to report vehicles that were not subject to county excise tax, has been eliminated. Therefore, as of March 1, 2009, taxpayers no longer need to report to the County Assessor personal property such as truck bodies, motor homes, recreational vehicles, travel trailers, ATV's, snowmobiles, watercraft and human powered boats.

Assessment Date January 1st - Deadline to File is May 15th

All personal property is assessed based on the January 1st assessment date. The taxpayer takes inventory of all assets/equipment on January1st  and must report to the County Assessor by May 15. Failure to file by May 15 will cause the taxpayer to receive a $25 penalty assessed to their tax bill. If the taxpayer fails to file before June 15, an additional 20% will be added in addition to the original tax due and the $25 late fee.

    Beginning in 2016, IC 6-1.1-3-7.2 provides an automatic exemption for a taxpayer's business personal property in a county if the acquisition cost of that taxpayer's total business personal property in the county is less than $20,000 for the assessment date.

    A taxpayer that is eligible for the exemption is not required to file a personal property return for the taxpayer's business personal property in the county for that assessment date. However, the taxpayer must, before May 15 of the calendar year in which the assessment date occurs, file annually with the County Assessor a notarized certification signed under penalties for perjury stating that the taxpayer's business personal property in the county is exempt from taxation for that assessment date.  

 Click here to download form PERSONAL PROPERTY 20,000 AND UNDER EXEMPTION FORM

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