Personal Property Department
Business tangible personal property is the value of all property besides real estate that is used in your business or organization. It includes 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. 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.
Per IC 6-1.1-2-1.5, the assessment date for Personal Property is January 1st 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.
Personal Property Online Portal Information
Under $80,000 Exemption
Per IC 6-1.1-3-7.2, if the cost of a taxpayer’s total business personal property in a county is less than $80,000 for the assessment date, then the taxpayer’s business personal property in the county for that assessment date is exempt from taxation. The taxpayer must declare the exemption using a personal property form 102 or 103.
Beginning with the January 1, 2023 assessment date, a taxpayer is no longer required to file a personal property tax return if they have previously filed a return that claimed the exemption, unless or until the taxpayer no longer qualifies for the exemption. If the taxpayer filed a return and claimed the exemption for the January 1, 2022 assessment date and continues to qualify for the exemption in 2023, no return is required in 2023.
Forms & Instructions
Click here for all other Personal Property Forms
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).
*All Form 102's and 103's need to be coded with whichever code best describes the business that the forms are being submitted for.
Located on page one of the Business Tangible Personal Property Return (Forms 102 & 103), this is the same six-digit principal business activity code that appears in Schedule K, Line 2(a) of a corporation's federal income tax return.