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Starting for 2020, taxpayers with up to $40,000 in total personal property acquisition costs in each county will be exempt from personal property taxes, however, you must still send in returns with acquisition cost. Also starting in 2020 all taxpayers must complete and submit a Form104 with their tax return.
Personal Property is a self-assessment system. The taxpayer is responsible for reporting all tangible 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 & 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 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
Under $40,000 Exemption
If you own a business that holds and/or operates equipment with a total acquisition cost under $40,000, you may qualify for an exemption on your tangible business personal property equipment. You must submit to our office your tax return and a Form 104 annually.