What is business personal property and who should file?
Any entity, including any firm, company, partnership, association, corporation, or individual...owning, holding, possessing or controlling...tangible business personal property and having a tax situs within the State of Indiana on January 1, must file a business personal property tax return with the appropriate assessor’s office.
Tangible business personal property consists of movable items not permanently affixed to real property that is held for sale in the ordinary course of a trade or business; held, used or consumed in connection with the production of income; held as an investment. This would include, but is not limited to, items such as tools, computers, printers, fax machines, desks, chairs, machinery, signage, display cases, security systems, and farm equipment.
Business personal property in Indiana is a SELF-ASSESSMENT SYSTEM; therefore, it is the responsibility of the TAXPAYER to obtain the appropriate forms and file a return with the correct assessing official by May 15 of each year.
Boone County does NOT allow extensions on personal property filings.
A taxpayer has the right to file one amended return IF, and only if, the original return was filed on time. Amended returns must be postmarked no later than May 15th (12 months from the original filing deadline) unless deadline falls on the weekend in which case the return would be due by the following Monday).
For taxpayers with less than $40,000 acquired costs, legislation was passed in 2015 and amended in 2019 that exempts this property. In order to qualify for this exemptions without additional fines, you must File the Form 104 along with either Form 103S, Form 103L or Form 102 (the 1st page only) each year By May 15.
Failure to File (Form 113/PP)
If a taxpayer does not file the appropriate forms by the due date, a Form 113/PP (Notice of Assessment Change / Failure to File) will be sent with an estimated assessed value. The taxpayer has 30 days to file a return (from the date of notice) to correct the assessed value. If no return is filed after receiving the Form 113, then the assessment stated on the Form 113 will become your assessment for that year.
Fines relative to Business Personal Property
|Type of Fine||Amount||Explanation|
|None||$0||Return received on or before May 15th|
|Late||$25.00||Received from May 16th thru June 15th|
|Late, Late||$25.00 + 20% of tax due||Received after June 15th|
|Non-Filing||$25.00 + 20% of tax Due||No return received|
|Non-Compliant||$25.00||Information omitted from form|
|Late and Non-Compliant||$50.00||Received from May 16th thru June 15th and information omitted from form|
|Late, Late Non-Compliant||$50.00 + 20% of tax due||Received after June 15th and information omitted from form|