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Personal property taxes are levied against equipment used in the production of income or held as an investment; billboards; foundations for the equipment; and all other tangible property other than real property. Computer application software is considered an intangible asset and is not assessable. Inventory is no longer taxed.
Personal property values are assessed March 1 of every year and are self reported by property owners to assessors using prescribed state forms. The completed personal property return must be filed with the assessors no later than May 15. Taxes on the reported values are due in two installments - May 10 and November 10 - the following year. Contact information for assessors can be found HERE.
A host of deductions can be applied to personal property. Forms for claiming deductions can be found by clicking the Personal Property Forms link below.
Licensed motor vehicles, trailers, motorized boats, most airplanes, campers, recreational vehicles and other registered vehicles that are subject to excise tax collected at the time of licensure by the Indiana Bureau of Motor Vehicles are not subject to personal property tax.
Recreational Vehicle Excise Tax
Beginning with the March 1, 2009 assessment date, campers and recreational vehicles are no longer subject to personal property taxation. In 2009, taxpayers will pay their 2008-pay-2009 property tax. In 2010, the Indiana Bureau of Motor Vehicles will begin collecting excise tax on the recreational vehicle when license plates are purchased.
Personal Property Forms
|State Form Number||Also Known As||Form Title|
|Must be filed with Form 104.||Farmer's Tangible Personal Property Assessment Return|
|For use in claiming deduction under IC 6-1.1-12.7.||Schedule of Deduction from Assessed Valuation Personal Property in Certified Technology Park|
|Must be filed when any new property is claimed on Form 103-CTP||Equipment List for New Additions to CTP Deduction Personal Property in Certified Technology Park|
|Must be filed with new manufacturing and development, logistical distribution and/or IT equipment claimed on Form 103-ERA.||Equipment List for New Additions to ERA Deduction Personal Property in Economic Revitalization Area|
|Must be field with Form 103-Long to receive deduction.||Schedule of Deduction from Assessed Valuation Personal Property in Economic Revitalization Area|
|For use in reporting true tax value of interstate carriers.||Return for Interstate Carriers|
|For use in claiming the exemption under IC 6-1.1-10-44.||Claim for Exemption of Enterprise Information Technology Equipment|
(Form 103-N Schedule 1)
|For use in reporting all personal property in Schedule I or II held, possessed or controlled. Filed with Form 102 or 103.||Information Return of Not Owned Personal Property|
|For use when personal property is owned by the filer, but held, possessed or controlled by another person. Filed with Form 102 or 103.||Information Return of Owned Personal Property|
|For use by Industrial Waste Control Facilities to claim an exemption from assessment. Must be filed with Form 103 to be reviewed.||Claim for Exemption of Air or Water Pollution Control Facilities|
|For use by integrated steel mill or entity that is at least 50 percent owned by an affiliate of an integrated steel mill; and falls within Asset Class 33.4||Business Tangible Personal Property Depreciable Assets in Pool 5|
|Must be filed with Form 103-Long. A separate schedule must be completed for each approved abatement (Form SB-1/PP).||Schedule of Deduction from Assessed Value Pool 5 Property in Economic Revitalization Area|
|Supporting Schedule for Deduction of Assessed Valuation on a Personal Property Solar Power Device|
|Must be filed with Form 103-Long.||Return of Special Tools|
|For use by taxpayers with personal property in more than one township. Personal property assessed value in county is less than $1,500,000. Must be filed with Form 104-SR.||Single Return - Business Tangible Personal Property|
|Must be filed with Form 104.||Business Tangible Personal Property Return|
|Must be filed with Form 104. For use by manufacturers or processors; if business personal property is greater than $150,000; if filer wishes to claim deductions other than enterprise zone or investment; if filer is claiming special adjustments (equipment not placed in service, special tooling, permanently retired equipment, or abnormal obsolescence).||Business Tangible Personal Property Assessment Return|
|Must be filed with Form 102 or 103.||Business Tangible Personal Property Return|
|Must be filed with Form 103-SR.||Single Return - Business Tangible Personal Property|
|For use in detailing adjustments. Must be filed with Form 103 or 102.||Schedule of Adjustments to Business Tangible Personal Property Return|
|Must be filed with Form 103-ERA.||Compliance with Statement of Benefits Personal Property|
|For use in claiming personal property deduction for property in an Enterprise Zone.||Enterprise Zone Investment Deduction Application|
|For use in summarizing deductions from assessed value of property located in a Maritime Opportunity District. Must be filed with the Form 103.||Application for Deduction from Assessed Valuation - Maritime Opportunity District|
|For use by manufacturers using recycled coal combustion products. Must be filed by May 15 with the County Auditor.||Statement for Deduction of Assessed Valuation (Investment Property Purchased by Manufacturers of Recycled Coal Combustion Products)|
|Must be submitted to the body designating the Economic Revitalization Area prior to the public hearing.||Statement of Benefits Personal Property|