Personal Property Assessments
What is Business Personal Property?
All businesses, churches, and not-for-profit organizations must file business tangible personal property forms with the assessor’s office each year, even if qualified for an exemption.
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.
Business Personal Property Exemption
If the cost of all of your business personal property is less than $40,000, your business or organization is entitled to a business personal property exemption. You can attain this exemption by completing all of the required forms; you will mark the checkbox at the top of Form 103-Long, Form 103-Short, or Form 102 indicating the cost of your assets is less than $40,000.
Filing Due Date: May 17, 2021. If you fail to file (either in-person, by mail postmarked, or online) by the May 17, 2021 date, a $25 late fee will be assessed to your following Tax Bill. If however, you also fail to meet the June 17, 2021 date an additional 20% of total tax liability will be levied as a late penalty on the following tax bill.
What is PPOP-IN?
The Indiana Department of Local Government Finance’s modernization effort includes the Personal Property Online Portal – Indiana (PPOP-IN), which is the online service portal for customers to use when filing business personal property filings with their county/township assessor.
Who will be impacted?
- Any business or farmer that owns or holds personal property in Indiana.
- Individuals are responsible for filing a business personal property filing on behalf of a business or farmer.
How to File?
Paper Filing with county/township assessor: