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Businesses and farms exempt from personal property taxes next year should make sure to comply with new state filing requirements -- or else face a penalty.
Under state legislation adopted last year, taxpayers with up to $20,000 in total personal property acquisition costs in each county will be exempt from personal property taxes, for taxes payable in 2017.
As the law now stands, affected taxpayers must file a notarized certification with the Assessor's Office prior to May 15 each year. If they do not, the County Auditor's office must apply a $25 penalty on the next tax installment. For more information on the new personal property exemption rules, see this Indiana Department of Local Government Finance memo.