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.
If the cost of all of your business personal property is less than $80,000, 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 $80,000. If you filed a return and claimed this exemption in a previous assessment year and you continue to qualify for this exemption, no return is required.
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.
If you desire blank personal property forms for a previous year, please contact the DLGF with your request.
Prior year Business Tangible Personal Property returns should be requested from the assessor’s office in the county where the business is located.
