Unlike Real Estate assessments, Personal Property is a self-assessment system. 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.
Filing Requirements and Procedures for Personal Property Assessment 50 IAC 4.2
Per IC 6-1.1-2-1.5, the assessment date for Personal Property is January 1st beginning in 2016 and the filing is due May 15th each year. Amended returns are allowed within twelve months from the date of original return.
Only timely filed original returns can be amended per IC 6-1.1-3-7.5.
Recent changes in Indiana law now require taxpayers who file a Business Tangible Personal Property Return (103 Long, 103 Short, or 102 Farm) to complete the entire form.
The following are regularly absent from filed business personal property returns:
- Principal Business Codes (see NAICS Business Activity Codes below)
- Federal ID Numbers/Social Security Numbers
- Taxpayer Signatures
- Incomplete returns may result in fines pursuant to Indiana law IC 6-1.1- 37-7(d).
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